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(Sharecast News) - MP Evans delivered record financial results for 2024 on Tuesday, driven by robust crude palm oil (CPO) prices and disciplined cost control.
The AIM-traded Indonesian palm oil producer posted a 15% rise in revenue to $352.8m, while operating profit surged 54% to $115.7m.
Operating cash generation also rose sharply, reaching $152.6m compared to $103.1m a year earlier.
Earnings per share jumped to 129.6p from 78.1p in 2023.
The company declared a full-year dividend of 52.5p per share, up from 45p, including a proposed final dividend of 37.5p.
MP Evans said its average mill-gate CPO price rose to $823 per tonne, up from $729 the prior year.
Operationally, the group processed 1.6 million tonnes of crop, maintaining volumes despite weather-related challenges across Indonesia.
It said its six palm oil mills handled 96% of the total crop, with certified sustainable CPO output increasing to 257,000 tonnes.
During the year, the company expanded its effective ownership of group estates by acquiring minority interests, adding 1,700 hectares.
Planting progressed at its Musi Rawas estate and began at the newly acquired Kota Bangun site, with a total planted area nearing 11,000 hectares.
Conservation efforts also advanced, with protected areas now comprising 12% of the group's planted land, including expanded mangrove preservation at Bumi Mas.
The firm said it was focussed on strategic growth and was actively pursuing new acquisition opportunities to enhance its position in the sustainable palm oil sector.
"I am delighted that the group is able to report such an excellent set of results for 2024," said chairman Peter Hadsley-Chaplin.
"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."
At 1058 GMT, shares in MP Evans Group were up 6.47% at 1,020p.
Reporting by Josh White for Sharecast.com.
