Sonangol’s profit rises 32 pct in 2011 to US$3.3 billion

6 March 2012

Sonangol’s net profit in 2011 rose to US$3.313 billion according to preliminary estimates, the chairman of the board of the Angolan oil company, Francisco Lemos de Faria said Friday at a press conference in Luanda.

The profit represents a rise of 32 percent against profit for 2010, when the company posted a net profit of US$2.515 billion.

Revenues from the sale of crude oil in 2011 totalled around US$33.78 billion, whilst revenues from sales of oil derivatives totalled US$2.887 billion.

This means that high oil prices on international markets more than offset a drop of 5.6 percent in Sonangol’s daily production, which fell from 1.76 million barrels in 2010 to 1.66 million barrels last year.

According to Lemos Maria Sonangol’s direct production fell 6.9 percent and production by international companies fell 18.2 percent.

Pre-tax income totalled US$4.938 billion, which was a rise of almost 52 percent against 2010. (macauhub)