MP Evans Group PLC, the sustainable palm oil group, said it made "another stride forward" in 2023, with crop and production both increasing.
It reported a 7% rise in the total crop of fresh fruit bunches (ffb), reaching 1.62 million tonnes, compared to 1.51 million tonnes in 2022.
Its own crops saw a 2% rise, scheme-smallholder crops a 5% increase, and independent crops purchased surged by 24%.
Production figures also showed positive trends. The group's crude palm oil (CPO) output grew by 11% to 378,500 tonnes, and palm kernel (PK) production went up by 9% to 80,600 tonnes.
"Imortantly, following a period of significant investment, almost all crops are now processed in Group milling facilities We are starting to see the benefits in increasing extraction rates, and this will provide further support to what will be a strong result for 2023," said chairman Peter Hadsley-Chaplin.
"Looking to the future, the Group has delivered on its stated aim of adding further hectarage close to its existing projects, which will support further growth into 2024 and beyond."
Last year, MPE achieved a 20% increase in planted hectarage. Moreover, 95% of the total reported crop was processed in a group mill, enhancing the control over the production quality.
Notably, all MPE's mills, except the newest at Musi Rawas, can sell CPO as certified sustainable oil, with Musi Rawas awaiting certification.
Despite a 15% decrease in the average mill-gate price for CPO from US$854 per tonne in 2022 to US$729 per tonne in 2023, the group's pricing remains strong by historic standards.
Financially, MPE had a robust year, with significant operating cash inflows. Dividends paid during the year exceeded US$28 million, and some US$10 million was used for a share buyback programme.