Octal registers 15% increase in PET volumes

Business Monday 08/June/2020 16:14 PM
By: Times News Service
Octal registers 15% increase in PET volumes

Muscat: Oman-based packaging manufacturer Octal has produced and shipped 247,000 MT of PET sheet and resin to various destinations around the world during this time of the COVID-19 pandemic from February till May 2020.
Responding to food and beverage packaging requirements, the company registered an impressive 15 per cent increase in PET volumes compared to the same period last year. Successfully manoeuvring through and mitigating supply-chain challenges presented by the current circumstances, Octal has deployed its substantial capacity for operational flexibility and reliability ensuring essential food supplies remains available to consumers. Beyond timely delivery, the company’s robust supply chain has enabled its customers to meet surges in consumer demand, while providing them with superior production efficiency, optimised cost structures, and an improved environmental profile.
Octal’s Chief Executive Officer, Nicholas Barakat, said, "Octal has redefined manufacturing and has become a major part of the global supply chain for food packaging. As essential businesses shift to more sustainable approaches, we recognise our role in providing innovative solutions in advanced material science, and stepping up to meet that demand. Especially during these times of crisis, we witness how vital our stringent manufacturing protocols are to supporting global food security. This responsibility has guided our growth to date, and will continue to do so now and into the future.”
Octal is steadily and successfully expanding its presence into wider geographical markets, including Latin America and Asia, as the global demand for PET continues to surge. Bolstered by its sustainability features, PET or polyethylene terephthalate, the most recycled of plastics has witnessed a global call-to-action during COVID-19 with single-use packaging helping prevent virus transmission.
Barakat added, “We realise the vitality of the PET manufacturing industry for the continuity and security of the food supply chain. Octal’s proprietary DPET Sheet has the ability to adapt to more demanding performance requirements, providing a strong base on which to develop new products that offer ease of use and product protection technology for our customers and the industry at large.”
Octal, which last year secured $625 million in financial backing, continues to position itself for strong and rapid growth as it evolves through its fourth development phase since 2019. In addition to recording an impressive 26 per cent increase in profitability, Octal also reported an 8 per cent year-on-year increase in sales across its main segments, sheet and resin, as well as a production milestone confirming its strongest two weeks of production in April 2020 since the start of operations. Future ambitions see the company striving for a 20 per cent reduction in the development cycle of new products while building its dedicated recycling platform, and a proprietary platform to integrate its PET resin capacity within five years.