MP Evans Group PLC (AIM:MPE) celebrated its 150-year anniversary by paying off its debts and hiking its dividend 21%.
Having traced its origins back to the early 1870s, the producer of sustainable palm oil is marking its sesquicentennial anniversary this year with celebratory events in Indonesia and the UK.
Revenue of US$326.9mln was generated in the 2022 calendar year, up 17% on the prior year, as production and average mill-gate prices both increased, as revealed in January.
Gross profit increased by 5% to US$109.2mln while operating profit fell 11% to US$101.6mln as the previous year saw a US$13.9mln benefit from a one-off gain on a land sale.
Operating cash generation jumped 21% to US$132.2mln, which saw a net cash position of US$33.5mln at year end, compared to net debt of US$5.4mln last time.
And the board proposed a final dividend of 30p per share, up from 25p a year earlier, which lifted the normal dividend to 42.5p per share compared to 35p per share in 2021.
Peter Hadsley-Chaplin, executive chairman, said: “Crop and production have increased once again and, as we celebrate our 150-year anniversary, we have also reached the milestone of processing 1.5mln tonnes of fresh fruit bunches.
“The group remains focused on long-term and sustainable growth, and has both acquired further planted hectarage and started production at another group palm-oil mill since the end of the year.”
