2024.03.1909:11:00UTC+00M. P. Evans Group Annual Result Slips On Weak Crude Palm Oil Prices; But Ups Dividend

M. P. Evans Group Plc (MPE.L), a British producer of palm oil, palm kernels, and rubber, on Tuesday recorded a decline in earnings and revenue for the full year, due to a fall in crude palm oil or CPO prices.

For the 12-month period, the company reported a pre-tax income of $72.834 million, lesser than $100.250 million in the previous year.

Net profit stood at $56.398 million or 97.2 cents per share versus last year's $78.361 million or 133.4 cents per share.

Basic earnings per share were 78.1 pence, lower than the 108 pence recorded in 2022.

The Group said: "The higher crop and production in the year was more than offset by the lower price environment when compared to the exceptional circumstances in the previous period."

Total crop production stood at 1,622,900 tons, higher than last year's 1,511,700 tons.

Crude palm oil production was at 378,500 tons, compared with 341,700 tons in 2022.

The Group produced 80,600 tons of palm kernels, higher than 73, 800 tons last year.

Average mill-gate price for Group CPO was $729 per ton, compared with $854 per ton in 2022.

Operating profit dropped to $75.296million from $101.586 million a year ago.

Cost of sales moved up to $228.915 million from previous year's $217.707 million.

Revenue was $307.368 million, lesser than previous year's $326.917 million.

The company will pay a final dividend of 32.5 pence per share, higher than last year's 30 pence per share. This will bring the total dividend for the year to 45 pence per share from previous year's 42.5 pence per share.

The final dividend will be paid on or after June 19, to shareholders of record as of April 26.