M. P.
EVANS GROUP PLC
("THE
GROUP")
2024 crop and production
M.P. Evans Group PLC, a producer of
sustainable Indonesian palm oil, is pleased to announce the
following crop and production information for the year ended 31
December 2024:
|
|
2024
|
Increase
(decrease)
|
2023
|
|
|
Tonnes
|
%
|
Tonnes
|
|
Crop of fresh fruit bunches ("ffb")
|
|
|
|
|
Own crops
|
937,000
|
2
|
922,900
|
|
Scheme-smallholder crops
|
285,900
|
3
|
278,500
|
|
Independent crops
purchased
|
386,000
|
(8)
|
421,500
|
|
|
1,608,900
|
(1)
|
1,622,900
|
|
Production*
|
|
|
|
|
Crude palm oil ("CPO")
|
372,200
|
(2)
|
378,500
|
|
Palm kernels ("PK")
|
81,300
|
1
|
80,600
|
|
|
|
|
| |
*- figures include production from
the Group's crop sold to third-party mills.
Crop levels across Indonesia, as a
whole in 2024, were adversely affected by dry weather conditions in
the latter part of the preceding year and, unusually, the country
is likely to report a decrease in total output for the year.
Against this backdrop, the Group is pleased to report a small
increase in the crop harvested from the enlarged area managed by it
during the year which, when combined with purchases from
independent suppliers, resulted in a very similar total crop for
processing of 1.6 million tonnes.
The Group received an average
mill-gate price for its CPO of US$823 per tonne in 2024, 13% higher
than the US$729 in the previous year. Prices were particularly
robust in the second half, with dispatches averaging approximately
US$950 per tonne in the last two months of the year. This high
price environment continued to have a positive effect on the
Group's revenue and profitability, as reported in the Group's
announcement on 15 November 2024. Whilst prices have recently eased
from these higher levels, sales in the early part of 2025 continue
to be at higher than the 2024 average price.
The Group remains committed to
operating sustainably, and all six of the Group's palm-oil mills
now sell certified sustainable palm oil. More information is
available in the Group's environmental, social and governance
('ESG') report available via the Group's website. In addition, the
Group was pleased to receive an upgraded score of 88.9% in the
November 2024 ESG policy transparency assessment conducted by the
Zoological Society of London.
The Group continued to be highly
profitable and cash generative during 2024, and these resources
were put to good use as the Group allocated capital towards
continuing growth, maintaining its financial strength, and offering
attractive returns to its investors. The Group has an unbroken
track record spanning more than thirty years of maintaining or
increasing its annual dividend and, considering its crop and
production figures for the year, the CPO price environment, and the
Group's strong operating cash flows resulting therefrom, the board
remains committed to this policy.
M.P. Evans chairman, Peter
Hadsley-Chaplin, commented: "The Group has, once again, delivered
excellent operational results in 2024, notwithstanding some
weather-related challenges during the year. Combining this with the
robust price environment, the Group will deliver a strong result
for 2024, enabling it, as a responsible palm-oil producer focused
on excellence, to recommit to its strategic priorities to deliver
continuing growth and an increasing yield."
Enquiries:
|
M.P. Evans Group PLC
|
Telephone: +44 (0) 1892
516333
|
Peter Hadsley-Chaplin,
chairman
Matthew Coulson, chief executive
Luke Shaw, chief financial officer
|
Cavendish Capital Markets (Nomad and
broker)
|
Telephone: +44 (0) 20 7220
0500
|
Matt Goode, George Lawson (Corporate
finance)
Tim Redfern, Harriet Ward
(ECM)
|
Hudson Sandler
|
Telephone: +44 (0) 20 7796
4133
|
Charlie Jack, Kerrigan, Francesca
Rosser
