Anglo-Eastern Plantations PLC AGM Statement (1675D)
28 June 2021 - 04:00PM
UK Regulatory
TIDMAEP
RNS Number : 1675D
Anglo-Eastern Plantations PLC
28 June 2021
28 June 2021
Anglo-Eastern Plantations Plc
("AEP" or the "Company")
AGM Statement
The 36th Annual General Meeting of Anglo-Eastern Plantations Plc
will be held at the Company's office in Malaysia at 7(th) Floor,
Wisma Equity, 150 Jalan Ampang, 50450 Kuala Lumpur, Malaysia at
4.30pm (Malaysia time) today.
At the meeting, the Chairman will comment on current operational
performance and development as well as the outlook for the
remainder of 2021.
Operational and financial performance
For the first five months ended 31 May 2021, our own production
of fresh fruit bunches ("FFB") was 477,300mt, an overall increase
of 16% compared to the same period in 2020 (five months to May
2020: 413,100mt). Plantations in the Kalimantan and North Sumatera
regions performed exceptionally well, exceeding last year's
production by more than 20% due to favourable weather conditions.
With an abundance of crop, FFB bought in was 475,800mt, an increase
of 39% in comparison with the same period last year (five months to
May 2020: 342,200mt). As a result, our six mills processed more
crops than last year with the Crude Palm Oil ("CPO") production
reaching 194,400mt, 26% higher than the corresponding period in
2020 (five months to May 2020: 154,100mt) .
The CPO ex-Rotterdam price averaged $1,120/mt for the first five
months to 31 May 2021, 70% higher than the average price of $659/mt
recorded in the first five months of 2020. The mills accordingly
enjoyed a 25% higher average ex-mill price of $691/mt compared to $
553 /mt for the same period last year.
The AEP balance sheet remains strong.
Development
AEP has plantations across Indonesia and Malaysia, amounting to
some 128,000 hectares, of which approximately 73,980 hectares
(including Plasma) are planted. The Group's new planting for the
first five months ended 31 May 2021 was 907 hectares (including
Plasma) (five months to May 2020: 995 hectares).
The concrete piling works for the seventh mill in North Sumatera
are progressing as scheduled. Civil and structural works together
with mechanical works including a steam boiler and turbine were
tendered and recently awarded at a cost of US$12.8 million.
Outlook
The CPO price ex-Rotterdam closed at $1,110/mt on 2 June 2021,
representing an increase of 9% from the start of the year at
$1,014/mt.The Group expects prices to moderate in the second half
of the year on the back of higher crop production. CPO prices are
also expected to weaken by a pull back in prices of competing
soybean oil due to better weather ameliorating crop concerns in the
United States, as well as likely lower biofuel targets.
Note: The information communicated in this announcement is
inside information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 as it forms part of domestic law by virtue of
the European Union (Withdrawal) Act 2018.
For further enquiry, contact:
Anglo-Eastern Plantations
Plc
Dato' John Lim Ewe Chuan +44 (0)20 7216 4621
Panmure Gordon (UK) Limited
Dominic Morley +44 (0)20 7886 2954
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END
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