M.P. EVANS GROUP PLC
M.P. Evans Group PLC (“M.P. Evans” or “the Group”), a producer of sustainable Indonesian palm oil, announces its unaudited interim results for the six months ended 30 June 2021.
HIGHLIGHTS
Operations
· Group's operations relatively unaffected by Covid-19
· 24% increase in Group crop to 413,200 tonnes
· Total crop processed up by 28% to 702,300 tonnes
· 29% increase in total CPO production 161,400 tonnes
· Cost of palm product down by US$50 per tonne to US$335
Financial
· 34% increase in ex-mill-gate CPO price to US$724 per tonne
· 111% increase in sustainability premia to US$1.9 million
· Operating profit up by 588% to US$41.3 million (2020 US$6.0 million)
· 21% decrease in net debt to US$67.7 million (2020 US$85.6 million)
· 572% increase in earnings per share to 38.3p (2020 – 5.7p per share)
· Interim dividend doubled to 10p per share (2020 – 5p per share)
Post-period end
· Palm-oil price remains strong; 8-month average ex-mill-gate price for 2021 up to US$738
· Group's fifth palm-oil mill opened at Bumi Mas
· Planting restarted at Musi Rawas
· Updated strategic approach highlighted with focus on four pillars: Responsibility, Excellence, Growth and Yield
· Intention to pay dividend of at least 30p per share for 2021 (2020 – 22p per share)
M.P. Evans executive chairman, Peter Hadsley-Chaplin, commented: “Earnings for the period are very substantially higher than last year following the anticipated continued upward trajectory of crops and the strong palm-oil market. Both these trends have continued into the second half and are likely to form the basis for an excellent result for the year. We are delighted to propose an interim dividend of 10p per share.”