The consolidated net profit of the Angolan state oil company Sonangol rose to $2.1 billion in 2021, the best result in eight years and a 152% increase over the previous year.

According to the statement released today by Sonangol, on the day it published its report and accounts for 2021, this was "a substantially robust economic and financial result, the result of excellent operational performance" that is the result of measures taken, including cost rationalization, as well as favorable macroeconomic conditions.

Among these is the average price of crude oil that led to crude produced by Sonangol being traded at $71 per barrel, which compares with the $41 recorded in 2020.

Consolidated turnover was about 8.9 billion, an increase of 46% over the previous fiscal year.

Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) reached 3.4 billion, up 701TP2Q year-on-year.

The net income of around 2.1 billion represented "Sonangol Group's best performance since 2014, when it still played the role of national concessionaire." (Lusa)