May 6, 2021
BANGKOK, Thailand — May 6, 2021, 2021 — Indorama Ventures Public Company Limited (IVL), a global chemical producer, announced its first quarter 2021 financial results.
1Q2021 Performance Summary
Revenue of $3,240 million in 1Q2021, +10 percent YoY
Reported EPS of 1.04 THB, compared with 0.20 THB in 4Q20 and 0.07 THB in 1Q20
Reported EBITDA of $483M= million coming from higher Core EBITDA ($369 million, registering a growth of 45 percent QoQ and 21 percent YoY), positive contract adjustments and inventory gains
Company-wide cost and business transformation, Project Olympus, yielded $67 million during the quarter, on track to deliver our 2021 target of $287 million ($195 million extra efficiency gains over 2020)
Overview
Positive global sentiment, underscored by rebounding global oil prices and vaccine rollouts, has resulted in strong volume demand and strong margins for all IVL’s key products, driven at first by recovery in China and carrying forward into the second quarter. Global inventory levels are tight and combined with supply chain shocks are leading to margin increase in all commodity products, supporting the increase in crude oil prices. The rise in crude prices has also brought with it improvement in the shale gas advantage, benefiting IVL’s IOD (Integrated Oxides and Derivatives) business segment in North America. All of this is translating into stronger than anticipated earnings in first half 2021.