M.P. EVANS GROUP PLC
FINAL RESULTS 2024
RECORD PROFITS, RECORD DIVIDENDS, AND WELL PLACED FOR INCREASING RETURNS
M.P. Evans Group PLC (“M.P. Evans”, “the Group” or “the Company”), a producer of sustainable Indonesian palm oil, announces its results for the year ended 31 December 2024. The Group has achieved record-breaking results for 2024, supported by a year of tight control over operating costs, alongside favourable crude-palm-oil pricing. Revenue, profitability and cash generation are all up substantially on last year. Once again, despite some weather-related challenges seen across Indonesia, the Group was able to process 1.6 million tonnes of crop, almost all in the Group’s six efficiently operated palm-oil mills.
The Group’s 2024 annual report is available on its website at www.mpevans.co.uk.
HIGHLIGHTS
Financial
- Average mill-gate price for Group CPO US$823 per tonne (2023 US$729 per tonne).
- Revenue for the year US$352.8 million (2023 US$307.4 million).
- Operating profit US$115.7 million (2023 US$75.3 million).
- Operating cash generation US$152.6 million (2023 US$103.1 million).
- Earnings per share 129.6 pence (2023 – 78.1 pence).
- Dividend for the year 52.5p per share (2023 – 45.0p per share) with proposed final dividend of 37.5p per share (2023 – 32.5p per share).
Operational
- Total crop processed maintained at 1.6 million tonnes.
- Six certified palm-oil mills in operation throughout year processing 96% of total crop.
- Further increase in certified sustainable crude palm oil (“CPO”), up to 257,000 (2023 – 233,400 tonnes).
- Acquisition of minority interest in Group estates during the year increasing effective ownership by 1,700 hectares.
- Planting continuing at Musi Rawas, as total area approaches 11,000 hectares, and planting programme started at recently acquired estate at Kota Bangun.
- Increase in conservation hectarage, particularly mangrove forest at Bumi Mas, and conservation area now 12% of planted land.
- Actively seeking new strategic acquisitions.
Commenting on the results, Peter Hadsley-Chaplin, chairman of M.P. Evans, said: “I am delighted that the Group is able to report such an excellent set of results for 2024. Alongside record profits and a 17% increase in dividends for the year, the Group’s commitment to responsible operation is as strong as ever. Our planted hectarage increased once again and we continue to plant new areas to support future growth, whilst seeking further new suitable acquisitions.”
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2024
| Continuing operations | 2024 US$’000 | 2023 US$’000 |
| Revenue | 352,839 | 307,368 |
| Cost of sales | (236,249) | (228,915) |
| Gross profit | 116,590 | 78,453 |
| Gain on biological assets | 1,847 | 551 |
| Foreign-exchange loss | (23) | (1,188) |
| Other administrative expenses | (5,930) | (5,443) |
| Other income | 3,211 | 2,923 |
| Operating profit | 115,695 | 75,296 |
| Finance income | 1,236 | 1,348 |
| Finance cost | (3,441) | (3,810) |
| Profit before tax | 113,490 | 72,834 |
| Tax on profit on ordinary activities | (25,213) | (18,826) |
| Profit after tax | 88,277 | 54,008 |
| Share of associated companies’ profit after tax | 2,355 | 2,390 |
| Profit for the year | 90,632 | 56,398 |