MP Evans Group PLC (AIM:MPE) said crude palm oil production in the first five months of 2022 was flat on last year, though the AIM-listed palm oil producer reported a 51% spike in mill gate prices in 2022.
The company said overall crops produced are set to increase in the current twelve months.
A total of 130,300 tonnes of crude palm oil was produced during the first five months of 2022, including 114,600 tonnes that were processed through its own mills, compared to 132,400 tonnes in 2021.
At end-May 2022, the group realised an average mill gate price of US$1,079 per tonne, up 51% from US$715 per tonne in 2021.
The UK owner of palm oil estates in Indonesia said its fresh fruit production and crops from the firm's associated scheme smallholders for five months ended May 31 were virtually flat, with the estates controlled by the group producing 342,200 tonnes of fresh fruit bunches.
The group's associated scheme smallholders harvested 100,900 tonnes, up from 100,800 tonnes last year.
The company's own mills' production increased by 9% during the period under review, as its Bumi Mas mill was operational throughout.
Crude palm oil prices for the period averaged US$1,630 a tonne, 45% higher than the $1,127 a tonne during the equivalent period in 2021.
Due to the export ban introduced by the Indonesian government at the end of April 2022, crude palm oil sales across Indonesia were temporarily disrupted, however the company continued harvesting and producing until the ban was lifted by the Indonesian government on May 23, 2022.
Shares of the company were trading 0.82% higher at 980.00p.