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Palm oil producer MP Evans Group PLC hailed a ‘record’ profit and dividend on Tuesday amid loftier prices. Shares in the company were up 6.5% at 1,020.00 pence each in London on Tuesday morning. MP Evans said pretax profit in 2024 jumped 55% to $113.5 million from $72.8 million. Revenue rose 15% to $352.8 million from $307.4 million. Gross profit, which strips out items such as foreign exchange losses and administrative expenses, surged 49% to $116.6 million from $78.5 million. It was an ‘all-time record’ for gross profit, helped by the crude palm oil price rising 13% to $823. ‘I am delighted that the group is able to report such an excellent set of results for 2024. 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,’ Chair Peter Hadsley-Chaplin said. MP Evans upped its final dividend by 15% to 37.5 pence per share from 32.5p. Its total dividend for 2024 was 52.5p, up 17% from 45.0p. The firm, which owns plantations and mills in five Indonesian provinces, said ‘rainfall levels have been encouraging in most locations’ in 2025. However, dry weather did persist in the latter part of 2024 and into early 2025 in some areas of East Kalimantan. ‘As is always the case, the group’s geographic diversity across much of Sumatra and East Kalimantan will continue to be of benefit, particularly when it comes to the variability of weather patterns,’ it added. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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