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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 $326.9 million, up 18% from $276.6 million in 2021. However, pretax profit fell 11% to $100.3 million from $112.5 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. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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