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

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)