LONDON (ShareCast) - (Sharecast News) - Indonesian palm oil producer MP Evans reported profit of $22.2m (£16.09m) in its final results on Tuesday, up from$7.5m year-on-year.
Its operating profit came in at $31.3m for the year ended 31 December, up from $16.1m, while continuing earnings per share came in at 37.4 US cents, rising from 11.6 cents in 2019.

Its board said the total dividend for the year would be up 24%, proposing a final dividend of 17p per share, and confirming its intention for a total dividend of 30p per share for 2021.

On the operational front, the company said the total Indonesian palm oil crop processed was 21% higher than the prior year at 1.2 million tonnes, adding that 100% of group and scheme-smallholder crop was grown to 'sustainability standards' during the year.

Group crops grew by 9% to 724,000 tonnes, with crops at the company's youngest operation, Musi Rawas, nearly trebling.

Crude palm oil production was up 17% at 272,000 tonnes, with a new group 40-tonne mill having started production in September.

In Malaysia, it reached a conditional sale agreement over Bertam Estate for $24.9m during the year.

The board said group equity value stood at £10.99 per share as at 31 December.

"I am pleased to report that 2020 was another record year for production and revenue resulting in a sharp rise in profit, and an increase in sustainability premia," said executive chairman Peter Hadsley-Chaplin.

"Given this performance the board is recommending a final dividend of 17p per share, an increase of 4.25p, bringing total dividends for the year to 22p per share.

"In view of the strong increase in crop and production projected for the immediate future and the prospects for the palm-oil market, the board intends to recommend a dividend of 30p per share in respect of the 2021 financial year."

At 1134 GMT, shares in MP Evans Group were flat at 630p.

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