MP Evans reports significant growth and sustainable advances in 2023
London, UK
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March 21, 2024 11:46 AM Eastern Daylight Time
MP Evans Group PLC (AIM:MPE) CEO Matthew Coulson discusses the company's 2023 achievements and future outlook in an interview with Proactive's Stephen Gunnion.
In 2023, MP Evans notably increased its planted area by over 10,000 hectares and inaugurated its sixth mill at the Musi Rawas plantation, enhancing production capabilities significantly. It surpassed its initial planting target at Musi Rawas, reaching 10,300 hectares, with aspirations to expand to 11,000 hectares in 2024.
MP Evans also opened its sixth mill, contributing to a more than 22% increase in production from its own mills with 95% of the company's crop now processed in-house.
Despite reduced crude palm oil prices affecting revenue, Coulson noted that MP Evans maintained strong cash generation, leading to an increase in dividends and the extension of a share buyback programme.
The strategic priorities remain focused on responsibility, excellence, growth, and yield. Early 2024 saw stable, if not slightly stronger, palm oil prices, with early March prices reaching over $800 per tonne.
Coulson said MP Evans continues to seek sustainable development opportunities and aims to further increase planted acreage, focusing on delivering sustainable crop production and enhanced shareholder returns.
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