November 18, 2024 – Intco Recycling Provides Insights into Malaysian rPET Project and PET Performance
Intco Recycling (688087.SH) has recently addressed investor inquiries regarding its 100,000-ton rPET capacity project in Malaysia and the performance of its already established 50,000-ton PET project. The company provided a detailed response on November 15th via an investor interaction platform.
According to Intco Recycling, significant progress has been made on its PET project in Malaysia since its initiation in November 2022. After meticulous planning and execution, the project has successfully completed the commissioning of key production process modules, including crushing, cleaning, label removal, automated sorting, pelletizing, and viscosity enhancement. This signifies the project’s capability to produce food-grade recycled pellets, sheets, and fiber-grade recycled pellets, achieving high-value “bottle-to-bottle” rPET applications and opening up a new premium segment for Intco Recycling.
Addressing investors’ concerns about production value and profitability, Intco Recycling shared its financial performance. For the first half of 2024, PET products generated RMB 163 million in revenue, representing a 32.40% year-on-year growth. This increase indicates that, although production value has not yet fully ramped up, the market demand for PET products is steadily growing, contributing positively to the company’s income. Furthermore, Intco Recycling emphasized that its 100,000-ton/year multi-category plastic bottle high-quality recycling project in Malaysia, as a newly explored premium segment in recycled plastics, has been steadily advancing. Notably, in 2023, the project passed PepsiCo’s factory inspection and entered the sampling and testing phase, marking a significant breakthrough in product quality and market recognition.
According to Color Masterbatch Industry Network, Intco Recycling has established six R&D and production bases globally, forming a comprehensive production network. These include four bases in Zibo, Shandong; Fengxian, Shanghai; Lu’an, Anhui; and Zhenjiang, Jiangsu, as well as two overseas bases in Vietnam and Malaysia that are stably operating. The strategic layout of these bases not only enhances Intco Recycling’s production capacity but also supports its market expansion worldwide. Particularly in Malaysia, through continuous technological innovation and market development, Intco Recycling is gradually positioning its base as a benchmark project in the recycled plastic sector.