MP Evans Group CEO says “future of the group looks rosy” despite lower palm oil prices

–News Direct–

MP Evans Group PLC (AIM:MPE) CEO Matthew Coulson speaks to Proactive's Thomas Warner after releasing interim results for the six months to 30 June 2023. Coulson reports that the palm oil producer recorded steady growth in its total processed and production figures.

The company expanded their planted hectares by over 2,000 during the reporting period, nearing 5,000 in northern Sumatra. They also unveiled their inaugural Task Force on Climate-Related Financial Disclosures (TCFD) report, emphasising transparency in carbon footprint and outlining plans for carbon reduction and achieving net-zero status.

Coulson acknowledged the challenges posed by the industry but stressed their commitment to balancing agricultural progress with conservation efforts. He goes on to address a dip in the share price earlier this year, attributing it to lower crude palm oil (CPO) prices compared to the previous year, but remains confident in the company's long-term stability.

Coulson also confirms the continuation of their share buyback scheme. Looking ahead, the company anticipates increased crop levels and is poised to acquire an additional 8,000 planted hectares in East Kalimantan, a significant expansion for the group. This move will bring their managed hectares to over 65,000 from around 56-57,000 at present. Coulson affirms the maintenance of the interim dividend, reflecting the company's steadfast dedication to shareholder returns.

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