IVL reported 1Q22 net profit of Bt14.1bn (+134% YoY, +161% QoQ), The result came out better than our expectation and beat the consensus by 95%.
Excluding onetime items, the recurring profit stood at Bt10.6bn (+175% YoY, +94% QoQ). The earnings growth was supported by record cPET performance, benefiting from tight supply demand environment.
The EBITDA margin also rose to a record high level of 15%, compared to 11% in 1Q21 and 4Q21.