The Salalah-based world’s leading PET packaging manufacturer, Octal has proved itself as a giant in the Omani market, redefining manufacturing and creating a name not only for itself but positioning the sultanate as a hub for the international PET industry.
Nicholas Barakat, CEO of Octal, in a press statement said that the company, which last year secured US$625mn in financial backing, continues to position itself for strong and rapid growth. 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.
Successfully mitigating supply-chain challenges presented by the COVID-19 crisis, Octal’s business continues to adapt to any potential impacts, Barakat said. “Currently operating with regular productivity, the company’s risk planning is an integral part of the operations to fulfil all sheet and resin orders from its manufacturing facilities in Oman, Saudi Arabia, and the US.”
Responding to food and beverage packaging requirements, Octal registered an impressive 15 per cent increase in PET volumes this year compared to the same period of last year.
Barakat explained that Octal has deployed its substantial capacity for operational flexibility and reliability ensuring essential food supplies remain available to consumers around the world. “Beyond timely delivery, a robust supply chain has enabled customers to meet surges in consumer demand, while providing them with superior production efficiency, optimised cost structures, and an improved environmental profile.”
From February till May 2020, Octal has produced and shipped 247,000 metric tonnes of PET sheet and resin to various destinations around the world, he said.
As essential businesses shift to more sustainable approaches, Octal recognises its role as a major part of the global supply chain for food packaging. The company provides innovative solutions in advanced material science and is stepping up to meet demand. Especially during these times of a new norm, its stringent manufacturing protocols are supporting global food security. This responsibility has guided its growth to date and will continue to do so now and into the future, according to the CEO of Octal.
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.
According to Barakat, the 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.