"The on-going restructuring by two of the leading PET producers in key markets of Americas and EMEA in the second half of 2017 has resulted in a structural change in the business outlook of PET, and is an opportunity for well-managed and committed producers like IVL to align supply reliability to customers. We believe that our regional manufacturing business model helps secure strategic alliances and helps take our innovative platform global," IVL said in a press release.
The company's core EBITDA was up 30 per cent, while production grew by 4 per cent reflective of a 3 dimensional improvement of product and geographic mix and the overall quality of earnings. In 2017, IVL had accretive ROE at 16.5 per cent, a strong surge over the 12.5 per cent in 2016. Operating cash flow rose 24 per cent to $918 million. Core net profit after tax and NCI has grown by 68 per cent year-on-year to $459 million. Audited net profit was $615 million partially boosted by US tax reforms.
"2017 has been a momentous year for Indorama Venture in more ways than one. The company surpassed several milestones in its journey towards its stated vision of becoming a world-class chemical company making great products for society. The power of our growth strategy and diversified portfolio of products and geographies is clearly reflected in our results. We surpassed EBITDA of $1 billion for the first time in the company’s history and these results are a testimony to the diversified 15,000 talented people operating our businesses," Aloke Lohia, group CEO said.
The company continued to make progress on its HVA platform in 2017 by acquiring new businesses with high growth potential. The acquisition of Glanzstoff, Europe’s leading tire cord and single-end cord manufacturer, alleviated and broadened the HVA portfolio mix beyond Polyester, Polypropylene and Nylon 6.6 into Rayon. The company completed the acquisition of DuraFiber in Mexico and France, a leading producer of durable technical textiles for industrial, tire reinforcement, and specialty applications globally. The company’s HVA portfolio forms a new growth engine with the addition of tire cord fabrics in North America and Europe, enlarging and making global Indorama Ventures as a fiber partner to the automotive industry.
"This has been a transformational journey and the company has put in place the building blocks to ensure sustainable and profitable growth that we are uniquely positioned to capture. In 2017, we had our maiden listing in the Dow Jones Sustainability Index as the 5th most global chemical company. We have raised the bar and the challenge for us now is to continue to do so going forward. This is a very exhilarating time for us, and we could not be more excited about our future and the journey ahead," Lohia concluded. (RR)
Fibre2Fashion News Desk – India
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