Bangkok, Thailand – 8 November 2018 - Indorama Ventures Public Company Limited (IVL), a global chemical producer, today announced results for the third quarter ending 30 September 2018.


  • Revenue of $2,920 million in 3Q2018; Last Twelve Months 3Q2018 of $10,088 million, 34% YoY
  • Core EBITDA of $409 million in 3Q2018; Last Twelve Months 3Q2018 of $1,379 million, 40% YoY
  • Core Net Profit of $260 million in 3Q2018; Last Twelve Months 3Q2018 of $768 million, 89% YoY
  • Last Twelve Months Core EPS THB 4.49, up 65% YoY, post 11.1% dilution from warrants exercise
  • Net Operating D/E ratio 0.53, Core ROCE 14% LTM basis

The Company has delivered its best-ever quarterly performance. This performance reflects:

  • Portfolio development – IVL’s strategy to drive sustainable and profitable growth of both high-volume Necessities and high-margin HVA business. IVL has enhanced its scale and geographic footprint as well as strengthened in the domestic presence in key markets.
  • Strategic investments - Our global scale in the polyester value chain and HVA platform has been enhanced by recent acquisitions. IVL has added 1.1 million tons of PET capacity through acquisitions of plants in Brazil and Egypt, and another 1.1 million tons of PTA capacity with the acquisition of Portugal, in addition to our Rotterdam facility, all accretive to IVL earnings. Our HVA portfolio has further been strengthened with strategic acquisitions in the automotive segment, notably Kordarna and in the hygiene segment with the acquisition of Avgol, which will provide full year earnings contribution in 2019. Subject to timely regulatory approval, the joint venture in Corpus Christi, USA, is expected to commence production in a phased manner in 2020. When completed, this will be one of the world’s largest and most modern integrated PTA and PET complexes.
  • Stronger Balance Sheet with Prudent Growth - On 29 of August 2018, TRIS upgraded IVL’s credit rating from A+ to AA- with Stable Outlook, which is a testament to our financial strength. Robust improvements in Operating Cash Flow and equity raised by the recently concluded warrant program has resulted in IVL’s Net Operating Debt to Equity ratio is 0.53 times on an LTM 3Q18 basis, which provides potential head room for future investment.
  • Sustainable Development – IVL has been included in the DJSI Index for the second consecutive year. This inclusion reaffirms IVL’s commitment to leadership in sustainability and its rating among global chemical companies.

3Q2018 Financial Highlights:

($ million) Quarterly Last Twelve Months
3Q18 2Q18 3Q17 3Q18
Consolidated Revenue 2,920 2,618 2,174 34% 10,088 8,148 24%
Core EBITDA 409 388 291 40% 1,379 953 45%
Core EPS after PERP Interest (THB) 1.48 1.31 0.86 72% 4.49 2.72 65%
Core EBITDA/ton ($) 150 153 122 23% 139 105 32%

Mr. Aloke Lohia, Group CEO of Indorama Ventures said:

“IVL is strongly suited for today’s business environment with operations in 30 countries globally that largely address their domestic markets and should remain fairly immune to the ups and downs of international trade. We are well-positioned to benefit from margin and volume expansion in 2018 and 2019 due to this unique, global portfolio of assets across the value chain.

We are pleased to reaffirm our guidance for 2019, whereby our core EBITDA is anticipated to increase 74%, or approximately $1.75 billion, in 2019 compared to end 2017. IVL’s strong 3Q 2018 and 9 month 2018 performance delivery, especially when considering global economic uncertainty, gives us confidence in the resiliency of our business model and the sustainability of earnings and cash flows going forward.”