Brazil’s Braskem Q1 net profit grows 67%; sales up 24%

Pearl Bantillo

12-May-2022

SINGAPORE (ICIS)–Braskem’s first-quarter net profit increased by 67% year on year on the back of a double-digit growth in sales, the Brazilian polyolefin producer said.

in $m Q1 2022 Q1 2021 % change
Net sales        5,120        4,137             24
Recurring EBITDA*           920        1,266           (27)
Net profit           748           449             67

Cost of goods sold in January-March 2022 surged 47% year on year to $4.15bn, the company said on 11 May.

Recurring earnings before interest, tax, depreciation and amortization (EBITDA) for the period, however, declined 27%, partly on lower sales volumes in Brazil and Europe and the appreciation of the Brazilian real against the US dollar.

There was also “normalization of international spreads for main chemicals, PE [polyethylene] and PP [polypropylene] in Brazil, for PP in the USA and for PE in Mexico,” it said.

($1 = R5.14)

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