New Britain Palm Oil (NBPO) has announced “significantly” improved revenue and profit for the first nine months of 2011 as a result of high prices and increased production.
The UK-listed producer of sustainable palm oil said today (23 November) that pre-tax profit more than doubled from US$87.9m to $209.6m for the nine months to the end of September. Sales rose 67% to $593.7m.
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The company said it produced 452,125 tonnes of crude palm oil and palm kernel oil in the period, 35% ahead of the same period last year – while prices remain high thanks to demand.
Chief executive Nick Thompson said: “The demand for fully traceable and certified sustainable palm oil together with speciality fats and margarines is growing as food manufacturers continue to bring forward their commitments to using traceable and certified sustainable palm oil products. We remain well-positioned to satisfy this growing market both in the UK and Continental Europe.”
Yesterday environmental charity WWF announced food and drink companies are buying more certified sustainable palm oil than ever.
WWF’s Palm Oil Buyers’ Scorecard 2011, which measures over 130 major retailers and consumer goods manufacturers by looking at their commitment to sustainable palm oil, found that demand has increased rapidly over the last two years.
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By GlobalData
