MP Evans Group PLC - palm oil producer in Indonesia - On Monday reports results for half-year that ended June 30, saying operations were relatively unaffected by the Covid-19 pandemic and a significant increase in palm oil prices and production led to a "dramatic increase in profitability". Pretax profit multiplies to USD40.1 million from just USD4.4 million a year before, as revenue rises by 69% to USD128.0 million from USD75.9 million. MP Evans' crop production rises by 24% to 413,200 tonnes and output of crude palm oil grows by 29% to 161,400 tonnes. At the same time, average sales prices, even after taking into account an increased export levy, are 34% higher in the first half of 2021 than in the same period of 2020. This includes a USD10 per tonne premium that MP Evans receives for its oil as a sustainable producer.
Doubles interim dividend to 10 pence per share from 5p and says it intends to pay a dividend of at least 30p for 2021, up 36% from 22p in 2020.
Current stock price: 788.00p
Year-to-date change: up 19%
By Tom Waite; thomaslwaite@alliancenews.com
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M P Evans (MPE)