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(Sharecast News) - Indonesian palm oil producer MP Evans reported a 314% rise in profit for 2021 on Tuesday, to $91.8m (£69.43m).
The AIM-traded firm said its operating profit was ahead 266% at $114.6m, while the average mill-gate price for group crude palm oil grew 37% to $810 per tonne for the year ended 31 December.
Its sustainability premia increased to $4.3m from $2.6m year-on-year, while the company's net debt narrowed to $5.4m from $78.1m.
Basic earnings per share rocketed 296% to 115.6p, as the board proposed a final dividend of 25p per share, up from 17p at the end of 2020, and increasing the distribution for the year by 59%.
A special dividend of 5p per share had also been paid on the company's Malaysian land sale.
MP Evans recorded a group equity value of £12.65 per share at year-end on 31 December.
Looking at its current trading, the firm reported a "seasonal" 10% downturn in its crop in early 2022, with a recovery to its "long-term growth pathway" expected as the year progressed.
A "significant" increase in palm-oil prices were noted in the same period, however, with the average mill-gate price now at $1,050 per tonne.
MP Evans said that price strength was partly attributable to restricted vegetable oil supply amid Russia's invasion of Ukraine.
The board also confirmed that its year-end net debt had been eliminated, with net cash standing at $27m by mid-March.
"2021 has been an excellent year for the group - crop and production have risen further in line with our long-term strategic plans, whilst the palm-oil market has gone from strength to strength," said executive chairman Peter Hadsley-Chaplin.
"Profit and cash generation have risen sharply, with retained profit of $91.8m, and the group's net debt almost wholly eliminated by the year end."
Hadsley-Chaplin noted that the group paid a special dividend of 5p per share on the completed sale of its Bertam Estate in Malaysia, with the board now recommending a final dividend of 25p per share, bringing total normal dividends for 2021 to 35p per share.
"This is a notable increase from the total of 22p paid in respect of the previous year, and marks another significant step in the group's progressive dividend policy."
At 1139 GMT, shares in MP Evans Group were up 2.91% at 990p.
