21st Mar 2023 10:15
(Alliance News) - MP Evans Group PLC on Tuesday upped its full-year dividend, despite reporting an 11% drop in profit.
MP Evans is a Kent, England based company which produces crude palm oil through sustainable methods.
In 2022, MP Evans posted revenue of USD326.9 million, up 18% from USD276.6 million in 2021.
However, pretax profit fell 11% to USD100.3 million from USD112.5 million.
MP Evans declared a final dividend of 30 pence per share, up from 25p year-on-year. This brings the full-year dividend up 21% to 42.5p from 25p in 2021.
Executive Chair Peter Hadsley-Chaplin said: "The group has produced another set of excellent operational and financial results. Crop and production have increased once again and, as we celebrate our 150-year anniversary, we have also reached the milestone of processing 1.5 million tonnes of fresh fruit bunches.
"The group remains focused on long-term and sustainable growth, and has both acquired further planted hectarage and started production at another group palm-oil mill since the end of the year."
In February, MP Evans started production at its sixth palm-oil mill Musi Rawas, in Indonesia. A month later, the company acquires a further 2,100 planted hectares close to Simpang Kiri estate.
MP Evans will hold its annual general meeting on June 9.
Shares in MP Evans were down 0.3% to 827.20 pence each in London on Tuesday morning.
By Sophie Rose, Alliance News reporter
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