Indorama Ventures Public Company Limited (SET: IVL) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
1,504.91 | 195.46 |
| Earning Per Share (Baht) |
0.2000 | 0.0000 |
| % Change | 669.92 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
-20,357.82 | 1,629.99 |
| Earning Per Share (Baht) | 3.7700 | 0.1900 |
IVL reported a net profit of THB1,505 million in 3Q24, representing an increase by 670% from the same period of last year. Moreover, the net profit reported also beat analyst expectations from LSEG by 20%.
Indorama Ventures achieved solid performance this quarter, driven by steady volumes, cost reductions led by proactive actions, and improved benchmark spreads across all segments.
This quarter marks the first YoY improvement in performance for the year following a prolonged period of challenges related to destocking and the industry downcycle, signaling recovery momentum across all three segments. The company has demonstrated that IVL’s diverse global business portfolio enables resilient results through market cycles.
Operating rates for the group increased from 69% in 3Q23 to 82% this quarter, and for CPET they increased from 69% to 84% in the same period.
In the third quarter, CPET with Intermediate chemicals delivered an Adjusted EBITDA of $286M for 3Q24, an increase of 23% QoQ and 27% YoY. Excluding Intermediate Chemicals, CPET reported an Adjusted EBITDA of $215M, marking a 25% increase QoQ and 51% YoY. This improvement was primarily driven by slightly better integrated PET benchmark spreads, general industry-wide supply chain disruptions, fixed-cost savings from asset rationalization actions taken in the previous quarter and lower feedstock costs in PIA. Sales volume experienced a modest decline due to lower PTA sales from rationalizations, however end-product demand remained resilient with stable PET volumes.
Meanwhile, Integrated PET posted an Adjusted EBITDA of $178M, an increase of 42% QoQ and 38% YoY with better benchmark spreads and lower costs driven by management actions. Strong end demand was seen especially in North America and Brazil given long lead time and higher tariffs on imported materials.
Indovinya has delivered a strong financial performance in 3Q24, with significant improvements in key metrics. IVL’s Adjusted EBITDA reached $103M for the quarter, reflecting a 4% increase QoQ and a 93% increase YoY. Thismarks a continued momentum following the disruptions we experienced in previous periods.
Indovinya’s portfolio is primarily driven by HVA products, which make up around 80% off IVL’s volumes and delivered an EBITDA margin of 20% in 3Q24.
The Fibers segment reported an Adjusted EBITDA of $48M, an increase of 22% QoQ and 44% YoY. The YoY growth was primarily driven by improved industry spreads in the Lifestyle segment, higher volumes in Mobility and Hygiene, and reduced fixed costs across market segments. The higher volumes in Mobility and Hygiene reflects management’s focused efforts on gaining back lost market share. QoQ Adjusted EBITDA grew 22%, supported by higher Lifestyle margins and higher volumes, partially offset by seasonality in Mobility.
