Crop and production update

M. P. Evans Group PLC
20 July 2023
 

M. P. EVANS GROUP PLC

("THE GROUP")
2023 H1 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 six months ended 30 June 2023.

 


H1 2023

Increase/ 

(decrease) 

H1 2022


Tonnes

Tonnes

Crop of fresh fruit bunches ("ffb")




Own crops

408,100

(5)

430,400

Scheme-smallholder crops

124,900

(1)

126,400

Independent crops purchased

188,100

26 

148,900


721,100

705,700





Production*




Crude palm oil ("CPO")

166,200

160,800

Palm kernels ("PK")

34,600

(1)

35,100

*- figures include production from the Group's crop sold to third-party mills.

The total crop of ffb processed by the Group in the first half of 2023 was 2% higher than that processed in the same period of 2022. In the early part of the year, as has been the case in previous years, the Group experienced some seasonality in the crop recorded from its majority-owned areas and its associated scheme smallholders, but compensated for this by purchasing more crop from independent suppliers to process in its own mills. The Group anticipates higher cropping levels as it moves into the second half of the year. Production of CPO was up on the same period last year, and the Group benefited from the opening of its mill at Musi Rawas in February 2023.

In the period to the end of June 2023, the Group realised an average CPO price at mill gate of US$755 per tonne compared with US$1,035 in the first half of 2022, a decrease of 27%. Prices for PK averaged US$410 per tonne (mill gate), lower than the US$830 per tonne in 2022. Sales prices for both CPO and PK were exceptionally high during the first half of 2022 as commodity markets responded to the outbreak of war between Russia and Ukraine.

 

Enquiries:

M.P. Evans Group PLC

Telephone: +44 (0) 1892 516333

Peter Hadsley-Chaplin, chairman
Matthew Coulson, chief executive
Luke Shaw, chief financial officer

 

Peel Hunt LLP (Nomad and joint broker)

Telephone: +44 (0) 20 7418 8900

Adrian Trimmings, Andrew Clark, Lalit Bose

 

finnCap (Joint broker)

Telephone: +44 (0) 20 7220 0500

Tim Redfern, Harriet Ward

 

Hudson Sandler

Telephone: +44 (0) 20 7796 4133

Charlie Jack, Amelia Craddock, Francis Kerrigan

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings