Braskem (BRKM5) reported net income of R$3.884 billion in the first quarter of 2022 (1Q22), a growth of 56% compared to the same quarter of 2021.
Recurring earnings before interest, taxes, depreciation and amortization (Ebitda) fell 30% in 1Q22, totaling R$4.845 billion.
According to Braskem, the drop in Ebitda was due to the normalization of spreads major chemical companies, PE and PP in Brazil, PP in the United States and PE in Mexico; lower sales volume of resins in Brazil and PP in Europe; and by the 4.4% appreciation of the real against the dollar.
Braskem’s net revenue totaled BRL 26.731 billion between January and March this year, up 18% compared to the same period in 2021.
More about Braskem’s balance sheets
The net financial result was positive by R$1.247 billion in the first quarter of 2022, reversing financial losses of R$3.463 billion in the same stage of 2021.
Braskem’s gross profit reached R$5.130 billion in the first quarter of 2022, a 29% reduction compared to the same period in 2021. The gross margin was % in 1Q22, up pp compared to the margin in 1Q21.
General and administrative expenses totaled R$614 million in 1Q22, an 18% growth compared to the same period in 2021.
Braskem’s recurring cash generation in 1Q22 was R$467 million, mainly explained by the recurring EBITDA in the quarter and the monetization of PIS/COFINS credits in the amount of approximately R$559 million.
The company’s adjusted net debt stood at R$4.618 billion at the end of March 2022, an increase of 68% over the same period in 2021.
The financial leverage indicator, measured by net debt/adjusted EBITDA, stood at 1.07 times in March/22, down 0.84 times over the same period in 2021.
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