21st Apr 2023 10:50
(Alliance News) - Anglo-Eastern Plantations PLC on Friday said revenue rose in 2022, but profit suffered.
Anglo-Eastern Plantations is a producer of palm oil and rubber across Indonesia and Malaysia.
The company reported revenue for 2022 of USD447.6 million, increasing 3.3% from USD433.4 million in 2021, driven by higher palm oil prices.
Pretax profit was USD132.9 million, down 3.1% from USD137.1 million. Basic earnings per share fell 12% to 212.34 US cents, from 242.34 US cents.
The firm noted that the biological asset movement was a debit of USD5.8 million, due to lower prices of fresh fruit bunches as at December 31. The profit figure also included an impairment charge of USD617,000, compared with a net reversal of impairment charge of USD4.9 million the year prior.
Anglo-Eastern declared a dividend of 25.0 US cents per share, multiplied from 5.0 US cents in 2021.
Anglo-Eastern shares rose 8.7% to 878.00 pence each in London on Friday morning.
By Harvey Dorset, Alliance News reporter
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