M. P. Evans Group PLC – Final Results

M. P. Evans Group PLC – Final Results

M.P.Evans Group PLC, a producer of sustainable Indonesian palm oil, announces its results for the year ended 31 December 2018.

The Group’s 2018 annual report is available on its website at www.mpevans.co.uk/AR2018.

HIGHLIGHTS

Financial

  • Profit for the year US$7.2 million on lower palm-oil prices (2017 US$95.0 million, including US$68.0 million profit on sale of share in Agro Muko joint venture)
  • Operating profit US$19.5 million after uncrystallised foreign exchange loss of US$4.1 million
  • Continuing EPS 9.9 US cents (2017 – 41.8 US cents)
  • Proposed to maintain final dividend at 12.75p per share

Indonesian palm oil

  • Group crops increased 32% to 573,000 tonnes
  • Costs down by 14% to US$320 per tonne of palm product including depreciation and regional overheads
  • Group’s high agronomic standards introduced at Bumi Mas, acquired in December 2017
  • Record production of crude palm oil: up 25% to 192,500 tonnes
  • 77% of palm oil operations are RSPO certified with expectation of near 100% by 2023
  • Mill-building programme continuing
  • New planting of 1,500 hectares for Group; 600 for smallholders
  • Palm-oil price recovering in 2019

Group value

  • Net current assets of US$43.0 million at 31 December 2018
  • Group equity value of £11.33 per share at 31 December 2018 

Commenting on the results, Peter Hadsley-Chaplin, executive chairman of MP Evans, said: “A record year for production of crude palm oil, which increased by 25%, but even this combined with falling costs could not outweigh a year of significantly lower palm-oil prices, so profit for the year fell to US$7.2 million.”

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