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MP Evans Group PLC on Friday reported jumping crude palm oil prices as it produced similar amount of palm oil in the first five months of 2022 as a year ago.
Average crude palm oil prices in the first five months of 2022 rose 45% to $1,630 per tonne from $1,127 a year ago, MP Evans said. The firm produced 130,300 tonnes of palm oil, slightly lower than 132,400 a year ago. It noted that production in its own mills increased by 9%.
It added that processing in Kota Bangun was temporarily disrupted by wet weather conditions. On top of that, ‘sales of crude palm oil across Indonesia were temporarily disrupted due to the export ban introduced by the Indonesian government at the end of April 2022,’ it explained.
The Kent-based producer of palm oil in Indonesia proposed a 40% increased total dividend of 35 pence per share for 2021, up from 25p proposed in March.
MP Evans shares were 0.6% higher at 978.00 pence each in London on Friday morning.
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