In the 1st
quarter (Q1) 2021 sales of the chemical company Indorama Ventures Public Co. Ltd. (IVL), Bangkok/Thailand, showed an increase of 10% year-on-year. Sales reached US$ 3.2 billion with an EBITDA of $483 million.
The company-wide cost and business transformation, Project Olympus, yielded $67 million during Q1/2021, on track to deliver the 2021 target of $287 million. Having over-delivered on its targets by 21% in 2020, the company has made progress as planned in Q1/2021. The yield split evenly between business-led initiatives and cost transformations. The majority are initiatives focused on sales and operations.
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 Q2/2021.
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 1st half (H1) 2021.