Business
Interim Results for six months ended 30 June 2024
Interim Results for six months ended 30 June 2024.
About this update from Aep Plantations Plc
[{"type":"text","content":"\n\nAnglo-Eastern Plantations Plc\n(\"AEP\", \"Group\" or \"Company\")\n \nAnnouncement of interim results for the six months ended 30 June 2024\n \nThe group, comprising Anglo-Eastern Plantations Plc and its subsidiaries (the \"Group\"), is a major producer of palm oil and rubber with plantations across Indonesia and Malaysia, has today released its results for the six months ended 30 June 2024.\n \nFinancial Highlights\n \n\n\n\n\nContinuing operations\n\n\n2024\n6 months\nto 30 June\n$m\n(unaudited)\n\n\n \n\n\n2023\n6 months\nto 30 June\n$m\n(unaudited)\n\n\n\n\n\n2023\n12 months\nto 31 December\n$m\n(audited)\n\n\n\n\nRevenue\n\n\n166.7\n\n\n\n\n\n173.4\n\n\n\n\n\n371.0\n\n\n\n\nProfit before tax\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n - before biological assets (\"BA\") movement\n\n\n33.5\n\n\n\n\n\n32.2\n\n\n\n\n\n78.7\n\n\n\n\n - after BA movement\n\n\n35.2\n\n\n\n\n\n32.5\n\n\n\n\n\n77.8\n\n\n\n\n \nBasic Earnings per ordinary share (\"EPS\")\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n - before BA movement\n\n\n67.18cts\n\n\n\n\n\n50.27cts\n\n\n\n\n\n130.24cts\n\n\n\n\n - after BA movement\n\n\n70.58cts\n\n\n\n\n\n50.73cts\n\n\n\n\n\n128.82cts\n\n\n\n\n \n \nEnquiries:\n \n\n\n\n\nAnglo-Eastern Plantations Plc\n\n\n\n\n\n\n\nDato' John Lim Ewe Chuan \n\n\n +44 (0)20 7216 4621\n\n\n\n\n\n\n\n\n\n\n\n\nPanmure Liberum\n\n\n\n\n\n\n\nAmrit Mahbubani / Freddie Wooding\n\n\n+44 (0)20 3100 2000\n\n\n\n\n \n \n \nChairman's Interim Statement\n \nThe interim results for the Group for the six months to 30 June 2024 were as follows:\n \nRevenue for the six months to 30 June 2024 was $166.7 million, 4% lower than $173.4 million reported for the same period of 2023. The Group's gross profit after BA movement for the six months of 2024 was $36.3 million, 9% higher than $33.2 million for the same period of 2023.\n \nThe BA movement for the first half of 2024 was a credit of $1.8 million representing an increase in fair value of our Fresh Fruit Bunches (\"FFB\") as compared to a credit of $0.3 million for the same period last year.\n \nProfit before tax after BA movement for the first half of 2024 was 8.6% higher at $35.3 million against $32.5 million for the same period last year. The higher profit for the period, not...