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AEP Anglo-eastern Plantations Plc

692.00
0.00 (0.00%)
Last Updated: 11:55:08
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Anglo-eastern Plantations Plc LSE:AEP London Ordinary Share GB0000365774 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 692.00 696.00 698.00 717 11:55:08
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Shortng,oils,margarine, Nec 456.93M 79.64M 2.0094 3.44 274.28M

Anglo-Eastern Plantations PLC AGM Statement (2564R)

29/06/2020 7:00am

UK Regulatory


Anglo-eastern Plantations (LSE:AEP)
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TIDMAEP

RNS Number : 2564R

Anglo-Eastern Plantations PLC

29 June 2020

29 June 2020

Anglo-Eastern Plantations Plc

("AEP" or the "Company")

AGM Statement

The 35th 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.

Anglo-Eastern Plantations Plc announces today, prior to its AGM in Malaysia, reporting on its current operational performance and development as well as the outlook for the remainder of 2020.

Operational and financial performance

For the first five months ended 31 May 2020, our own production of fresh fruit bunches ("FFB") was 413,100mt, an increase of 5% compared to the same period in 2019 (five months to May 2019: 392,000mt). Higher crop production was observed in Bengkulu and some parts of North Sumatera as the trees recovered from moisture stress . FFB bought in was 342,200mt, a marginal increase in comparison with the same period last year (five months to May 2019: 340,600mt). Total Crude Palm Oil ("CPO") produced was 154,100mt, 3% higher than the corresponding period in 2019 (five months to May 2019: 149,100mt) .

The CPO ex-Rotterdam price averaged $659/mt for the first five months to 31 May 2020, 24% higher than the

average price of $531/mt recorded   in the first five months of 2019. 

AEP's balance sheet remains strong.

Development

AEP has plantations across Indonesia and Malaysia, amounting to some 128,200 hectares, of which approximately 72,300 hectares (including Plasma) are planted. The Group's new planting for the first five months ended 31 May 2020 was 995 hectares (including plasma) (five months to May 2019: 667 hectares).

Earthworks for the seventh mill in North Sumatera have been completed. The next stage of construction involving civil & structural works is likely to be delayed due to the travel restrictions imposed in Indonesia to contain the spread of Coronavirus. The fourth biogas plant for the mill in North Sumatera has been completed in Q1 2020 and is now fully operational. The inspection and certification by local authorities before the plant can upload electricity produced onto the national grid is similarly delayed by the virus pandemic.

Outlook

The CPO price ex-Rotterdam closed at $576/mt on 2 June 2020, representing a 34% decrease from the start of the year at $878/mt. Palm oil prices remain volatile. Whilst the CPO price may recover as major palm oil consuming countries gradually emerge from economic lockdown, the indications are that the Coronavirus pandemic is likely to cause a worldwide recession which could have an adverse impact on the consumption and usage of palm oil even if economic activities are improving.

Note: The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014.

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 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

June 29, 2020 02:00 ET (06:00 GMT)

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