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\")\n2023 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 2023.\n \n\n\n\n\n\n\nH1 2023\n\n\nIncrease/ \n(decrease) \n\n\nH1 2022\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\n408,100\n\n\n(5)\n\n\n430,400\n\n\n\n\nScheme-smallholder crops\n\n\n124,900\n\n\n(1)\n\n\n126,400\n\n\n\n\nIndependent crops purchased\n\n\n188,100\n\n\n26 \n\n\n148,900\n\n\n\n\n\n\n\n721,100\n\n\n2 \n\n\n705,700\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\n166,200\n\n\n3 \n\n\n160,800\n\n\n\n\nPalm kernels (\"PK\")\n\n\n34,600\n\n\n(1)\n\n\n35,100\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 2023 was 2% higher than that processed in the same period of 2022. In the early part of the year, as has been the case in previous years, the Group experienced some seasonality in the crop recorded from its majority-owned areas and its associated scheme smallholders, but compensated for this by purchasing more crop from independent suppliers to process in its own mills. The Group anticipates higher cropping levels as it moves into the second half of the year. Production of CPO was up on the same period last year, and the Group benefited from the opening of its mill at Musi Rawas in February 2023.\nIn the period to the end of June 2023, the Group realised an average CPO price at mill gate of US$755 per tonne compared with US$1,035 in the first half of 2022, a decrease of 27%. Prices for PK averaged US$410 per tonne (mill gate), lower than the US$830 per tonne in 2022. Sales prices for both CPO and PK were exceptionally high during the first half of 2022 as commodity markets responded to the outbreak of war between Russia and Ukraine.\n \nEnquiries:\n\n\n\nM.P. Evans Group PLC\n\n\nTelephone: +44 (0) 1892 516333\n\n\n\nPeter Hadsley-Chaplin, chairman Matthew Coulson, chief executive\nLuke Shaw, chief financial officer\n \n\n\n\nPeel Hunt LLP (Nomad and joint broker)\n\n\nTelepho...