Indorama Ventures Plc (IVL), a global chemicals producer, saw its consolidated revenue grow by 52% year-on-year, and up 10% quarter-on-quarter, to US$3.56 billion for the second quarter of 2021.
It posted net profits of $250 million in the second quarter, up from $4.61 million in the same period last year.
For the period, IVL reported $477 million in core earnings before interest, taxes, depreciation and amortisation (Ebitda).
"During the pandemic we doubled down on our transformation and development programmes as we build towards a future-ready organisation, and we are now starting to see the results of these initiatives as global vaccination programmes spur a recovery," said Aloke Lohia, group chief executive of Indorama Ventures.
"We will continue to benefit from the economic tailwinds as all three of our business segments -- combined PET, fibres, and integrated oxides and derivatives -- experience strong demand and margins."
At the core of IVL's platform, the company said, is an ongoing focus on innovation-led products and a commitment to achieving its ambitious environmental, social and governance and sustainability targets.
All of the company's investments in these important areas will continue to drive IVL's growth into the second half of 2021 and beyond as a sustainable chemicals company, Mr Lohia said.
This year IVL implemented a cost savings project that yielded $116 million in efficiency gains in the first half of 2021, with a full-year target of $287 million.
IVL also acquired CarbonLite's recycled PET asset in the US this year, making IVL the largest global producer of rPET resin.
IVL's businesses in the US, Europe, the Middle East and Africa performed 59% higher in terms of core Ebitda in the first half of 2021, compared with the first half of last year, while Asia grew by 15%.
In the second quarter, IVL also launched its carbon-neutral PET pellets made using renewable energy, locally sourced materials and low-impact water transport, and announced a greenfield recycling facility in Karawang, Indonesia, to process almost 2 billion PET bottles annually in support of the Indonesian government's national plan of action on marine plastic debris.
