LONDON (ShareCast) - (Sharecast News) - Shares in Indonesia-focused palm oil producer MP Evans were rising on Monday after the company reported a jump in revenues and profits in the first half as prices increased.
Even though output was slightly lower than last year - total crude palm oil production fell 2% while processing volumes were down 3% - turnover for the six months to 30 June was $179.4m, up from $163.7m a year earlier.

The mill-gate crude palm oil (CPO) price was 13% higher than last year at $868 per tonne.

Gross profits totalled $63.4m, up 51% on last year, helped by higher revenues and an increase in the gross margin to 35% from 26%. Operating profits rose 50% to $62.2m, helping the company to raise its interim dividend by 20% to 18p per share.

Margins were supported by a change in input mix with more of the company's own harvest being processed this year, bolstered by lower fertiliser costs due to the timing of application, and a weakening Indonesia currency.

Harvesting levels over the second half so far were up over last year, with total crops harvested rising to 209,700 tonnes from 198,600 tonnes previously.

"The Group's cropping levels during July and August have continued to be higher than during the same period in 2024, despite some dry weather, although some welcome rain returned in the second half of August which bodes well for further crop increases," MP Evans said.

Commenting on the results, chair Peter Hadsley-Chaplin said: "As we move into the second half of the year, the group has added a further 3,000 planted hectares to its portfolio, and both CPO and [palm kernel] prices remain robust."

Shares were up 3.2% at 1,337p by 1127 BST.

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