Business
AGM Statement
AGM Statement.
About this update from Aep Plantations Plc
[{"type":"text","content":"\n\n24 June 2024\n \n \nAnglo-Eastern Plantations Plc\n(\"AEP\" or the \"Company\")\n \nAGM Statement\n \n \nThe 39th Annual General Meeting of Anglo-Eastern Plantations Plc will be held at the offices of UHY Hacker Young LLP, 6th floor Quadrant House, 4 Thomas More Square, London E1W 1YW at 11 am today.\n \nAt the meeting, the Chairman will comment on current operational performance and development as well as the outlook for the remainder of 2024.\n \nOperational and financial performance\n \nFor the first five months ended 31 May 2024, our own production of fresh fruit bunches (\"FFB\") was 403,200mt, a decrease of 4% compared to the same period in 2023 (five months to May 2023: 420,300mt). Production in Kalimantan in the second quarter of 2024 was slightly lower compared to first quarter due to higher rainfall of more than 300 mm per month for two consecutive months which affected harvesting. Crop production was nevertheless up 2% against last year as most trees reached peak maturity and a 6% increase in matured areas. Plantations in North Sumatera, Riau and Bengkulu, experienced a drop in production ranging from between 2% to 18%. Lower production numbers in North Sumatera and Bengkulu were particularly due to replanting activities. The matured areas in North Sumatera and Bengkulu at the end of May 2024 compared to the same period last year were further reduced by 300 hectares and 490 hectares respectively as more trees were felled for replanting. Five months of exceptional high rainfall in Bengkulu, averaging more than 400 mm per month also interfered with harvesting activities.\n \nFFB bought-in was 367,700mt, a decrease of 9% in comparison with the same period last year (five months to May 2023: 404,000mt). As mentioned above, excessive rain inadvertently damaged roads which affected the delivery of external crops to our mills in Tasik and Bengkulu which led to a decrease in external crops by 21% and 9% respectively compared to the same period last year. The Kalimantan mill also bought 52% less external crops for the first five months of 2024 as it lost a major supplier which started processing its own crop. Crude Palm Oil (\"CPO\") production for the first five months of 2024 was 154,400mt, 9% lower than the corresponding period in 2023 (five months to May 2023: 169,200mt) due...