JAKARTA – Indonesia's PET waste recycling company, PT Inocycle Technology Group Tbk (INOV), is taking strategic steps to increase sales by diversifying its business.

The company is expanding its portfolio with two new business lines: recycled resin/chips production and textile machinery assembly.

This move aims to diversify revenue sources and broaden the company’s market share. By optimizing existing resources, INOV hopes to create business stability amid increasingly competitive market conditions.

As for the details, recycled resin/chips are refined products from used PET plastic bottles processed into bottle flakes. This process involves different granulator and pelletiser machines compared to previous fibre recycling technologies.

“We see significant opportunities from current industry trends. Through this strategic move, INOV is optimistic about strengthening its position as a key player in the recycling sector,” said Victor Choi, Director of INOV, in a press release on Wednesday (22/1).

In addition, INOV has ventured into the textile machinery assembly business, aiming to help the local textile and garment industries enhance efficiency and competitiveness in the face of global challenges.

By the third quarter of 2024, INOV recorded sales of Rp475.5 billion, a 2.4% year-on-year (yoy) increase compared to the previous period of IDR 464.4 billion. This growth signals the positive impact of the company’s diversification efforts. (DK/ZH)