Transpetro is the logistics division of Brazil's Petrobras. It reported on Wednesday a 74% rise in its net profit in 2024. This was despite the fact that the parent company's profit dropped due to non-recurring incidents in the period.

Transpetro reported that its profit rose by 866 million Reais ($148.95m) due to new business and renegotiation. Its revenue increased by almost 8% between 2023 and 2014 to 14 billion reais.

The head of Transpetro Sergio Bacci said that the increase in net profits "proves our efficiency" and highlights our strategic direction to expand our logistics services.

Transpetro's adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) increased 4.5% from the previous year to 5.15 billion Reais.

Transpetro has announced that it will invest 420 million reais in 2024 and commission several vessels to help revitalize the Brazilian maritime industry and create local jobs in accordance with government goals.

Transpetro, a Brazilian oil and gas company, said that it provides services not only to Petrobras but also to other companies in the oil and gas industry, petrochemicals and fuel distributors. The company has over 180 clients.

(source: Reuters)