Global chemical producer Indorama Ventures Public Company Limited (IVL) has posted an 18% growth in its sales volumes in 2020. The full year core EBITDA declined 3% to US$1.11bn but the operating cash flows grew 6% to US$1.39 bn.

Aloke Lohia, Group CEO of Indorama Ventures said, “The biggest learning for us from 2020 is that we have built a portfolio of three strong segments that provides us with diversified sources of earnings with integration and resilience, and primed for growth. We emerged from the year with no structural damage to the end markets that we serve. Safety and hygiene remain key characteristics to our offerings and the pandemic has only further proven the sustainability of our products. In 2020, we launched the company on a journey of transformation, emboldening our leaders with the right tools, and strengthening us from within with systems that will carry us forward. With this we prepare ourselves for the next chapter in our story, towards an enhanced IVL that is resilient, agile, and innovative.”

According to the release issued by the company, 2020 stress tested our businesses, proving that we have created a portfolio that is resilient, sustainable and positioned for growth. “Management team used 2020 to “prepare for growth” by re-organizing the business, building strong leadership teams at every vertical. Additionally, IVL is undergoing various transformative initiatives, on our journey towards establishing institutional excellence and efficiency. The cornerstone for operational excellence lies in the successful implementation of companywide one ERP, i.e. S4 HANA, of which we are progressing well on track,” IVL said in a statement.

With 123 operating sites in 33 countries, the company is well positioned to reap the benefits from consumptions recovery in 2021 in all three segments and the various businesses therein.

“With the rollout of vaccines and easing of COVID restrictions, we expect a rebound in polyester fiber demand, consequently improving PX, PTA and MEG demand and spreads, as well as demand for our Lifestyle Fibers. Increased mobility is expected to improve demand for Mobility Fibers, while higher gasoline demand is expected to improve MTBE spread. The rising crude oil price has provided a nice boost to MEG spreads, as well as to MTBE, with our shale gas advantage. Demand for our PET, Hygiene Fibers, and HVA IOD portfolios are expected to remain robust,” the company said.