Thai firm Indorama Ventures' revenue at $4 bn in Q2 FY24

Thailand’s Indorama Ventures Limited (IVL), a leading firm in the manufacturing of chemicals and fibres, has reported revenue of $4 billion for the second quarter of fiscal 2024 (Q2 FY24), reflecting a 5 per cent growth quarter-over-quarter (QoQ) and remaining flat year-over-year (YoY). The company's sales volume grew by 3 per cent QoQ and 1 per cent YoY, reaching 3.64 million metric tons (MMT) during the quarter.

IVL's adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at $370 million, showing a modest 1 per cent growth QoQ but an 11 per cent decline YoY. The combined PET (CPET) segment, which includes both integrated and specialty PET products, reported an adjusted EBITDA of $234 million, marking a 6 per cent decrease QoQ and a 25 per cent decline YoY. Despite these drops, the segment's sales volume increased by 3 per cent QoQ and remained stable YoY, the company said in a press release.

The integrated PET vertical posted an adjusted EBITDA of $125 million, flat QoQ but down 40 per cent YoY. Sales volumes in this segment saw a slight decrease of 1 per cent QoQ and 3 per cent YoY. PET volumes, however, were flat QoQ and increased by 3 per cent YoY.

In the specialty chemicals segment, IVL reported an adjusted EBITDA of $19 million, a significant 53 per cent decline from Q1 FY24. Despite this, the PET high-value add (HVA) business within this segment grew by over 100 per cent YoY.

The intermediate chemicals segment posted an adjusted EBITDA of $62 million, remaining flat QoQ but showing a 6 per cent decrease YoY. However, this segment saw a significant volume increase of 36 per cent QoQ and 9 per cent YoY.

The home and personal care segment experienced a notable recovery in demand in North America, while South America and APAC markets continued to perform steadily. Overall, volumes in this segment grew by 12 per cent QoQ and 2 per cent YoY.

Fibre2Fashion News Desk (DP)