Palm oil producer MP Evans Group (MP Evans) has reported a 588% increase in operating profit, the company announced on 13 September.
The company, which is listed on the London Stock Exchange, owns palm oil plantations in Indonesia and also has an investment in a property company in Malaysia.
Operating profits rose from US$6M last year to US$41.3M this year, according to the company’s interim results.
MP Evans also reported a 24% increase in its crop to 413,200 tonnes.
“Earnings for the period are very substantially higher than last year following the anticipated continued upward trajectory of crops and the strong palm oil market,” MP Evans executive chairman Peter Hadsley-Chaplin said.
“Both these trends have continued into the second half and are likely to form the basis for an excellent result for the year.”
The company also announced that it had opened its fifth palm oil mill at Bumi Mas and that planting had restarted at Musi Rawas.
The group’s plantations are spread across five Indonesian provinces: North Sumatra, South Sumatra, Aceh, Bangka-Belitung and East Kalimantan, according to the MP Evans website. Its oldest plantations are in North Sumatra and Aceh with newer projects developed in East Kalimantan, Bangka-Belitung and South Sumatra since 2005.