A palm oil producer with plantations across Indonesia increased profits by 39% to $35.3 million (£28.2m). MP Evans, which has its head office in Tunbridge Wells, boosted revenues by 16% to $83.9 million (£67.2m) last year after a recovery in the price of crude palm oil.
Its plantations made a gross profit of $24.4 million (£19.5m) as prices ended the year at $795 per tonne (£636), up 37% on $580 per tonne (£464) where it started the year. It meant the overall group doubled profits on continuing operations to $16.4m (£13.1m). However, the crop of oil-palm fresh fruit bunches fell 6% due to dry weather from an El Niño weather front, in line with global palm-oil production.
Executive chairman Peter Hadsley-Chaplin said 2016 had “proved an excellent year” and the group remained on track to continue expansion in the Indonesian palm-oil sector. The board proposed a minimum dividend of 25p per share. Mr Hadsley-Chaplin said: “This is underpinned by the age profile of our current plantings, many of which are set to enter a phase of significant yield growth over the coming years. “The board is excited at the prospect of increasing the group’s hectarage by adding significant new areas to our existing plantations.”
MP Evans also has property development in Malaysia.
Credit to: http://www.kentonline.co.uk/kent-business/county-news/mp-evans-palm-oil-profits-up-123608/