MP Evans processed crops volumes increase, crude production rises

14th Jun 2024 08:05

(Sharecast News) - Palm oil producer MP Evans said on Friday that both processed crops and crude production had risen across the first five months of the year.

MP Evans said processed crops increased by 8% to 631,400 tonnes of fresh fruit bunches, principally due to increased yields from majority-owned areas, associated scheme smallholders, and independent suppliers.

The AIM-listed group also delivered a 10% improvement in crude palm oil to 147,500 tonnes, while its oil extraction rate increased to 23.4% from 23.0%. Average crude palm oil prices were $997.00 per tonne, broadly flat when compared to $1,001.00 in 2023.

MP Evans also proposed an increased total dividend of 45.0p per share for FY23, as the firm intends to continue its long-term trend to increase, or at least maintain, dividends for shareholders.

As of 0920 BST, MP Evans shares were up 0.48% at 844.0p.

Reporting by Iain Gilbert at Sharecast.com