Braskem posted net profit of 184 million reais for the first quarter on Monday evening, a 95% drop from its performance a year earlier. The company’s net revenues fell 27% to 19.45 billion reais.
Cash generation measured by earnings before interest, taxes, depreciation and amortization (Ebitda) collapsed by 78% compared to the previous year, to 1.06 billion reais.
The company said the performance was due to declining price spreads in the petrochemicals sector in the first quarter of 2022, although they showed improvement from the end of last year. On Monday, Braskem revealed that parent company Novonor has received a non-binding offer for the petrochemical company. The company did not disclose who made the offer, but press publications said it was Abu Dhabi National Oil Company (ADNOC) in partnership with US asset manager Apollo.
Braskem shares closed Monday up 6.5%, at 25.3 reais, boosted by expectations of a change of control of the company.
Source: Terra
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