Despite the total figure, the largest petrochemical company in the continent reduced its losses during the fourth quarter compared to the same period in 2022. The firm is recovering from an environmental accident and is investing in new projects.

Brazilian petrochemical company Braskem increased its losses in 2023 to US$935 million, 13 times more than the previous year, when losses reached US$70 million.

The company's income plummeted 25% in 2023, to US$ 14.1 billion. However, expenses declined too, by 18% year-on-year, to US$ 13.5 billion.

Lower revenue responds to the decline of chemicals' prices in the international market, as well as lower sales volumes in the Brazilian market, says a Braskem report.

In addition, Braskem continues to face costs and expenses due to the environmental crisis created by soil sinking in their rock salt mines in Maceió. The company had cash consumption of 843 million reais (US$ 168 million) in the fourth quarter of 2023 , compared to cash generation of 155 million reais (US$ 31 million) a year earlier. The geological crisis required  319 million reais (US$64 million) cash at the end of last year.

By markets, sales in the United States and Europe fell 23% year-on-year, and 21% in Mexico.

For its part, in Brazil, Braskem's domestic market, turnover contracted 26% from the previous year.

Meanwhile, EBITDA fell 64% from its level in 2022, reaching US$ 743 million. The EBITDA margin was 5%, four points less than the previous year.

In 2023, the company made corporate investments of approximately US$ 754 million, 4% higher than initially planned, mainly due to the optimization of the allocation of capital for investments through the prioritization of projects and initiatives without impact on operational safety.

Finally, adjusted net debt increased by 14% since the end of 2022, rising to US$5 billion.