Bangkok, Thailand – 26 February 2019 - Indorama Ventures Public Company Limited (IVL), a global chemical producer, today announced financial results for the fourth quarter and full year 2018, ended December 31, 2018.

Highlights FY2018 Performance:

  • Revenue of $10.7 billion, up 27% YoY
  • EBITDA of $1.4 billion, up 40% YoY. Core EBITDA margin 13%.
  • Net Profit of $819 million, up 33% YoY
  • Earnings per share of THB 4.61, up 16% YoY
  • Operating Cash Flow of $1.0 billion, up 16% YoY
  • 2019 Earnings Guidance reaffirmed
  • 12 acquisitions representing growth in every segment


The Company has delivered milestone revenues and earnings derived in every segment and in every region benefitting from our scale and business integration. The full year performance highlighted above are our best ever. However, a seasonally weak fourth quarter was impacted by unplanned shutdowns in the Netherlands and Poland PTA/PET business which have since resumed operations in Jan 2019. 4Q2018 Core EBITDA was 24% higher year on year at $318 Million. Our Net Debt to Equity was at 0.87 at end 2018.

Outlook - The outlook in 2019 and beyond remains positive as structural improvements in the PET value chain and improved operations in Fiber segment will drive earnings growth going forward. Overall production volume in 2019 is expected to increase to 13.0 MMt, a significant increase over the 10.4 MMt achieved in 2018. The Company feels confident in reaffirming its EBITDA guidance of $1.75 billion for 2019 and our strategic plans for 2023 foresees to double EBITDA over 2018 with an investment budget of $4.5 Billion from internal generation.

Ongoing Investment – We have $1.5 billion committed capex especially for the Louisiana Cracker and the Corpus Christi integrated PTA & PET asset in Texas, USA. These will have associated contribution to IVL performance in 2019, 2020 and 2021, which should drive earnings while also resulting in further improvement of the balance sheet.

Portfolio Development - Each of IVL’s business segments is either already delivering or is capable of delivering double-digit EBITDA margins through industry cycles. IVL’s portfolio is now organized into five business verticals: Integrated PET, Olefins, Fibers, Packaging and Specialty Chemicals. These are all expected to be the growth engine of IVL going forward.

Mr. Aloke Lohia, Group CEO of Indorama Ventures said: “We again delivered what we promised, and achieved a great set of results, while maintaining a high level of capital strength. We reached the highest-ever growth in our company’s history. With 12 new acquisitions and three joint ventures under our belt, our business segments will continue to fuel our growth trajectory. Building on our robust financials, strong leadership teams and strong positions across the value chain, I am confident that we will continue to deliver strong financial performance and another trailblazing year for IVL in 2019.”

Core Financials of Consolidated Business:

($ million) Full Year Quarterly
2018 2017 2018
4Q18 3Q18 4Q17 4Q18
Consolidated Revenue 10,741 8,438 27% 2,788 2,920 2,135 31%
Core EBITDA 1,441 1,044 44% 318 409 256 24%
Net Profit after Tax and NCI ($mn) 819 615 33% 69 307 298 (77%)
Net Profit after Tax and NCI (THBm) 26,465 20,883 27% 2,355 10,054 10,003 (78%)
EPS after PERP Interest (THB) 4.61 3.98 16% 0.37 1.75 1.92 (81%)
EBITDA/ton ($) 140 114 22% 85 175 117 27%
Operating Cash Flow 989 852 16% 250 276 215 16%
Net Debt to Equity (times) 0.87 0.75 16% 0.87 0.71 0.75 16%

1Integrated PET includes businesses in the aromatics and PET value chain.