BAK - Braskem sees higher petrochemical sales despite volatile oil

Braskem (BAK +2.4%) moves higher after reporting Q4 earnings of $0.24/share on revenues of $5.06B, and Valor Economico reports BTG Pactual is considering the purchase of controlling holder Novonor's debt that has Braskem shares as collateral. According to Reuters, Braskem CFO Pedro Teixeira de Freitas said he expects growth of as much as 3% in polyolefins sales in 2022, close to last year's growth, and said shareholders will vote on a potential extraordinary dividend that may reach up to 2B reais ($397M), and the company may consider a stock buyback program. The Brazilian petrochemical company also said its Mexican unit will begin to build a $400M ethane terminal to support polyethylene production by Braskem Indesa, with output planned to begin in 2024. UBS analysts said Braskem's Q4 results were solid and additional dividends were a positive surprise, and for 2022 they "expect further pressure in margins following the increase in

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Braskem sees higher petrochemical sales despite volatile oil