M.P. Evans Group (MPE) H2 2024 earnings summary

Executive summary

• Achieved record-breaking profits and dividends in 2024, with substantial growth in revenue, profitability, and cash generation.

• Focused on sustainable palm oil production, increasing certified output and expanding conservation areas.

• Maintained production levels despite weather challenges, aided by strong palm oil and palm kernel prices.

• Expanded planted hectarage and continued strategic acquisitions to support future growth.

Financial highlights

• Revenue rose 15% year-over-year to $352.8 million, driven by higher CPO and PK prices.

• Gross profit increased nearly 50% to $116.6 million; operating profit up 54% to $115.7 million.

• Earnings per share surged 66% to 129.6p; final dividend for the year increased 17% to 52.5p.

• Net profit reached $90.6 million, up 61% from 2023.

• Net funds at year-end were $46.4 million, reversing a net debt position of $14.8 million in 2023.

Outlook and guidance

• Early 2025 trading shows higher crop yields from group-managed and smallholder areas.

• Palm oil prices remain strong, with early 2025 tenders at $870/ton; analysts forecast $750–$800/ton for the year.

• Focus remains on acquiring additional hectareage and continued planting to maximize mill utilization and margins.

• CapEx expected to fall in future years; borrowings to be fully repaid by mid-2025.