Business
Crop and Production update
Crop and Production update.
About this update from M.p. Evans Group Plc
[{"type":"text","content":"\n\nM. P. EVANS GROUP PLC\n(\"THE GROUP\")\n2024 H1 crop and production\nM.P. Evans Group PLC, a producer of sustainable Indonesian palm oil, is pleased to announce the following crop and production information for the six months ended 30 June 2024.\n \n\n\n\n\n\n\n\nH1 2024\n\n\nIncrease\n\n\nH1 2023\n\n\n\n\n\n\n\nTonnes\n\n\n%\n\n\nTonnes\n\n\n\n\nCrop of fresh fruit bunches (\"ffb\")\n\n\n\n\n\n\n\n\n\n\n\n\n\nOwn crops\n\n\n437,900\n\n\n7\n\n\n408,100\n\n\n\n\nScheme-smallholder crops\n\n\n128,300\n\n\n3\n\n\n124,900\n\n\n\n\nIndependent crops purchased\n\n\n193,500\n\n\n3\n\n\n188,100\n\n\n\n\n\n\n\n759,700\n\n\n5\n\n\n721,100\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProduction*\n\n\n\n\n\n\n\n\n\n\n\n\n\nCrude palm oil (\"CPO\")\n\n\n177,000\n\n\n6\n\n\n166,200\n\n\n\n\nPalm kernels (\"PK\")\n\n\n39,200\n\n\n13\n\n\n34,600\n\n\n\n\n\n\n\n\n\n\n\n*- figures include production from the Group's crop sold to third-party mills.\nThe total crop of ffb processed by the Group in the first half of 2024 was 5% higher than that processed in the same period of 2023. The Group's estate at Kota Bangun in East Kalimantan performed particularly well in the early part of the year and, in addition, the Group is benefiting from an increasing crop from the areas acquired during 2023. Some of the Group's other estates experienced a slower start in 2024, as was the case last year, but the Group expects higher cropping levels in the second half. Average extraction rates for both CPO and PK are up on the first half of 2023, with almost all crop processed in the Group's mills.\nIn the period to the end of June 2024, the Group realised an average CPO price at mill gate of US$771 per tonne compared with US$755 in the first half of 2023, an increase of 2%. Prices for PK averaged US$437 per tonne (mill gate), 7% higher than the US$410 per tonne in 2023.\nEnquiries:\n\n\n\n\nM.P. Evans Group PLC\n\n\nTelephone: +44 (0) 1892 516333\n\n\n\n\nPeter Hadsley-Chaplin, chairman Matthew Coulson, chief executive\nLuke Shaw, chief financial officer\n \n\n\n\n\nCavendish Capital Markets (Nomad and broker)\n\n\nTelephone: +44 (0) 20 7220 0500\n\n\n\n\nMatt Goode, George Lawson (Corporate Finance)\nTim Redfern, Harriet Ward (ECM)\n \n\n\n\n\nHudson Sandler (Financial PR)\n\n\nTelephone: +44 (0) 20 7796 4133\n\n\n\n\nCharlie Jack, Charlotte Cobb, Francis...