The results of the flagship oil company in the 2022 financial year are set out in the Annual Report and Accounts 2022, released by the company and to which VerAngola had access.
"The company ended 2022 with a turnover" of around 6.2 billion kwanzas, "recording an increase of 50 percent compared to the previous year", reads the document.
According to the report, in the period in question, the company had a consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization; in Portuguese, Profit before interest, taxes, depreciation and amortization) of around 2.4 billion kwanzas, "representing growth above 50 percent, for the second consecutive year", while the consolidated net result was 838,084 million kwanzas.
Sonangol stresses that last year was "marked by the increase in the price of crude oil", with an average price of 102.31 dollars per barrel "of the grades sold by the company, compared to 70.58 dollars per barrel , registered in the previous year".
On the other hand, adds the oil company, the generalized increases in "interest rates in international markets and inflation at a global level" had an unfavorable impact "on the value of the main cash-generating units, as well as on the prices of raw materials and products imported by the national oil company, with emphasis on gasoline and diesel, whose average prices (Platts), per metric ton, amounted, in 2022, to 1,140.80 dollars and 1,125.00 dollars, respectively, representing a substantial increase when compared to 2021", whose average prices were 638.30 dollars and 554.10 dollars.
However, Sonangol points out that, "despite the challenges encountered", it closed 2022 with "a robust economic and financial result, sustained, substantially, by the consolidation of the measures provided for in the restructuring program and by the financial and operational rigor".
The report also highlights "the continuous reduction in the materiality of audit reserves, as a result of the measures that have been taken by Sonangol's Board of Directors over the last few years". Thus, Sonangol says it is still convinced that, in the medium term, it will continue "to reap the fruits of its implementation, including the complete elimination of audit reserves".
The flagship oil company also affirms its position regarding the energy transition. Thus, in order to "minimize the impacts that may occur, in the medium and long term, during the energy transition period", the oil company says it is diversifying its investment portfolio "with partners of international reference, having important investments in the area of renewable energies, considered a pilot in Angola, among which stand out the Photovoltaic Center of Caraculo, in Namibe, and the Quilemba Solar Project, in Huíla, in the Gas and Renewable Energies segment".
Among other aspects, the company also informs that the preparation of "its first Sustainability Report is in progress, which will allow the company to disclose, in a more detailed way, to interested parties, the actions it has taken at an environmental, social and corporate governance level".