M. P. Evans Group Plc - Half-year Report
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M.P. EVANS GROUP PLC
M.P. Evans Group PLC ("MP Evans" or "the Group"), a producer of Indonesian palm oil, announces its unaudited interim results for the six months ended 30 June 2020.
- 16% increase in first-half crop
- 31% increase of CPO produced, including fresh fruit bunches bought in
- 23% increase in average price of CPO cif Rotterdam to US$648 per tonne
- Cost of palm product maintained at US$385 per tonne
- Operating profit US$6.0 million (2019 US$1.0 million)
- Interim dividend maintained at 5.00 pence per share
- Agreement to dispose of 70 hectares of land in Malaysia for US$24.1 million
Commenting on the results, the chairman of M.P. Evans, Peter Hadsley-Chaplin, said: -
"Excellent crop growth during the first half of 2020, combined with a marked increase in the price of CPO, produced a healthy increase in profit. Operating profit for the period was US$6.0 million compared with US%1.0 million in 2019. World demand for CPO is recovering from the immediate effects of the Covid-19 pandemic and, given both the crop and price prospects for the coming months, the Group is maintaining its interim dividend."