New Britain Palm Oil today (26 August) revealed it has almost trebled profits in the first half of the year.
For the six months ended 30 June, the UK-listed firm’s profit before tax was US$158.8m, up from last year’s total of $46.2m in the same period.
Its EBITDA was $187m, compared to $65.1m in 2010. Revenue was US$403.9m, up from $205.4m.
The results include a one-off contribution of approximately $8.9m net profit on the sale of the company’s 50% interest in palm seed producer and distributor PT Dami Mas Sejahtera, and net foreign exchange gains of $18m primarily arising from a strengthening of the Papua New Guinean kina and the weakness of the US dollar.
CEO Nick Thompson said: “New Britain Palm Oil’s performance was very strong in the first half of 2011 with a record profit before tax, reflecting higher palm oil prices and improved productivity. The company continues to invest in its operations and the board remains confident of delivering further growth and progress.”
In May New Britain Palm Oil and Singapore-based agribusiness Wilmar International signed a supply and marketing deal to provide continental Europe with traceable, segregated sustainable palm oil.