Alpek's revenue for the third quarter was USD2.9 billion, up 42% from the year-ago-period, said the company.
Strong results for polyester and expandable polystyrene offset weakness in polypropylene, says the company. Alpek Polyester S.A. de C.V (Alpek) reported an all-time high Comparable EBITA of USD424 million, a 15% increase quarter on quarter.
In April of this year, Alpek finalised its acquisition of Octal Petrochemicals which added over 1m tonnes of installed capacity over four sites. As a result of this acquisition, Alpek reported that volume increased to 1.36m tonnes, an increase of 8% quarter on quarter.
Additionally, the 81% increase in Comparable EBITA year on year was driven by higher-than-expected margins as a result of decreased feedstock costs, particularly for the PET sector.
Alpek expects a continuation of the strong Q3 results for the remainder of 2022, remaining in line with guidance, affected by the normal demand seasonality expected in Q4.
We remind, Alpek, Indorama and FENC announced earlier that Corpus Christi Polymers (CCP) will resume construction on the facility in August. The plant is expected to begin production of polyethylene terephthalate (PET) and purified terephthalic acid (PTA) in early 2025. Construction of the state-of-the-art plan is resuming following a period of pandemic-related disruptions. The new facility is expected to be the largest vertically integrated PTA-PET production plant in the Americas, with annual capacities of 1.1m tonnes of PET and 1.3m tonnes of PTA. It will employ three state-of-the-art technologies.
mrchub.com