Mexico City. In the first quarter of the year, Petróleos Mexicanos (Pemex) reported a net profit of 4.7 billion pesos, which meant a drop of 91.7 percent compared to the 56.7 billion reported from January to March 2023.
When presenting its results report corresponding to the first quarter of 2024, the oil company said that the main factors that contributed to the result were the decrease in total sales and the appreciation of the peso against the dollar, which reduced income once converted to national currency, an increase in the cost of sales, which was offset by a decrease in the impairment of fixed assets and lower taxes and duties.
Pemex specified that from January to March sales totaled 405.9 billion pesos, a figure 3 percent lower than what was reported in the first quarter of 2023, due to a 2.8 percent decrease in national sales and a 3.4 percent decrease in percent in export sales “due to lower prices of crude oil and petroleum products.”
He stated that the cost of sales, which includes impairment, was 329.8 billion pesos, which implied a decrease of 4.2 percent.
The report stated that, during the first quarter of the year, total taxes and duties amounted to 31.9 billion, which implied a decrease of 55.6 percent compared to what was reported in the same period of 2023.
The above, he explained, was mainly due to the tax credit equivalent to 100 percent of the right to shared profit for the month of January 2024 and the decrease in the rate for 2024.
“In this sense, the DUC, the most important right paid by the company in terms of amount, decreased by 56.7 percent compared to the first quarter of 2023,” he added.
Pemex added that total financial debt decreased 5.7 percent compared to the end of 2023, as the company maintains the objective of having net debt close to zero.
“As of March 31, 2024, the exchange rate was 16.6780 pesos per dollar, so the financial debt recorded a balance of one trillion 692.8 billion pesos or 101.5 billion dollars,” he added.
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– 2024-04-27 03:45:50
