Q1 FY22 revenues of global sustainable chemical producer Indorama Ventures increased 77 per cent Y-o-Y and 41 per cent Q-o-Q to $650 million while its production volumes increased 4 per cent to 3.80 MMT. The company witnessed growth in all three business segments as it benefited from higher crude oil prices, increased ocean freight rates and a strengthening of the US dollar, led by resurging consumer demand and global mobility.

IVL’s Integrated Oxides and Derivatives (IOD) business also benefitted from high crude oil prices environment. PET and Fibers segments gained on increased import parity pricing in Western markets, where about two thirds of its portfolio is situated. Revenues in combined PET segment surged by 67 per cent Y-o-Y and 63 per cent Q-o-Q to $435 million. Revenues in the IOD segment grew by 3 per cent Q-o-Q and 258 per cent Y-o-Y to $126 million while revenues in the fibers segment grew by 4 per cent Q-o-Q and 17 per cent Y-o-Y to $85 million.