IVL delivers best ever results; revenue up 27% in 2018

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. For fourth quarter of 2018, core EBITDA was 24 per cent higher year-on-year at $318 million, IVL said in a press release.

“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,” said IVL group CEO Aloke Lohia.

IVL expects its production volume in 2019 to increase to 13.0 MMt, which would be 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. It plans to double its EBITDA by 2023 over 2018 with an investment budget of $4.5 billion from internal generation.

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

IVL’s portfolio is now organised into five business verticals: integrated PET, olefins, fibres, packaging and specialty chemicals. (RKS)

Fibre2Fashion News Desk – India