At the “Opportunity Day” event organized by the Stock Exchange of Thailand (SET) on May 19, 2025, Indorama Ventures Public Company Limited (SET: IVL) went through the details of its performance in the first quarter of 2025.
Ms. Supika Charudhanes, Investor Relations of IVL, stated that the company reported a net loss of THB 1,312.08 million in 1Q25, compared to a net profit of THB 1,132.10 million in the same period last year. This reversal was primarily due to total revenue dropping 9% year-on-year to THB 119,710.83 million, versus THB 137,398.62 million in Q1 2024. The decline in revenue reflected primarily lower production output, as a result of planned maintenance shutdowns at two Intermediate Chemicals plants.
Nevertheless, performance in the company’s specialty business segments—including Indovinya, Fibers, and Indovida—remained satisfactory. IVL continues to pursue proactive strategies to reinforce and increase the efficiency of its leading global business network, even amidst uncertainties from new tariff measures in certain countries. These measures have contributed to supply chain volatility, affecting the competitive capabilities of some businesses, such as CPET. However, these segments are projected to perform better in Q2 2025, benefitting from recovering demand.
Looking ahead to 2Q25, IVL anticipates an improvement in operating results, especially for the CPET business, where production volume is expected to return to normal levels after undergoing a major turnaround in 1Q.
Simultaneously, specialty businesses like Indovinya Advanced Laboratory (IVAL) and Indovinya Wellbeing (IW) are also showing positive trends. These businesses are supported by seasonal factors driving increased market demand and improving product spread due to seasonality.
As for the Fibers business group, its performance is expected to continue improving as a result of efficient management, with a continuous focus on strengthening the business structure in all markets.
Regarding capital expenditure, the company announced at its Capital Market Day a total investment budget of approximately USD 800 million, including around USD 600 million set for strategic investments. This budget encompasses key projects such as the acquisition of a 24.9% stake in Ester Industries Limited (EPL), a leading global producer of PE-based plastic packaging.
On the impact of the ongoing trade war, Ms. Supika noted that IVL’s business model revolves around domestic production and sales, providing operational stability. Additionally, IVL benefits from the USMCA (United States-Mexico-Canada Agreement), which fosters investment and trade among the US, Mexico, and Canada—countries where IVL has significant manufacturing bases.
Lastly, regarding IVL’s operations in India, revenues sourced from India account for approximately 7–8% of the company’s total income. For the Indian market outlook this year, IVL views India as a high-potential market with continuous demand growth. The company has already established its presence in India and has been consistently collaborating with local partners to capture further opportunities.
