MP Evans Group PLC (AIM:MPE) has reported an 8% increase in processed crops and a 10% rise in crude palm oil production in the first five months of 2024.
In an update ahead of the ethical palm oil producer's annual meeting, the group said it processed 631,400 tonnes of fresh fruit bunches, up from 584,400 tonnes in 2023. This growth was driven by increased yields from majority-owned areas, associated scheme smallholders, and independent suppliers. New areas acquired in 2023 also contributed, with efforts to improve agronomic standards promising future growth.
In the same period, MPE produced 147,500 tonnes of crude palm oil, compared to 134,400 tonnes in 2023. The oil extraction rate increased to 23.4% from 23.0% last year. Most production came from the Group's six mills, highlighting operational efficiency.
The average price of crude palm oil was $997 per tonne, nearly unchanged from $1,001 in 2023. The mill gate price averaged $770 per tonne, down slightly from $779 in 2023. Palm kernel prices improved, reaching $425 per tonne compared to $415 in 2023.