Anglo-Eastern Plant. - Interim Results

AEP Plantations

11/08/2025 07:00

RNS Number : 7376U

Anglo-Eastern Plantations PLC

11 August 2025

 

Anglo-Eastern Plantations Plc

("AEP", "Group" or "Company")

 

Interim results for the six months ended 30 June 2025

 

 

Anglo-Eastern Plantations Plc, which owns, operates and develops plantations in Indonesia and Malaysia, is pleased to announce its unaudited results for the six months ended 30 June 2025.

 

 

Highlights

 

·      For the six months ended 30 June 2025, Group revenue rose 39%, gross profit 76% and profit before tax 78%, driven by higher volumes and stronger prices.

·      The average ex-mill CPO price achieved in the period was $863/mt (+15%) and the average palm kernel price achieved was $738/mt (+80%), substantially ahead of the prior year.

·      The Group continues to maintain a strong balance sheet with $244.7 million cash and no bank borrowings.

·      Board intention to declare an interim dividend by the end of the third quarter of this year.

·      New £8m share buyback programme to commence today, 11 August 2025.

 

 

AEP Chairman, Jonathan Law, commented:

 

"I am very pleased to report another strong set of results for AEP that reflect higher sales volume and CPO prices, as well as strong external crop intake. We are expecting CPO prices to remain robust in the coming months and, together with wider market conditions, makes the Board confident in achieving positive performance in the second half of the year."

 

Enquiries:

 

Anglo-Eastern Plantations Plc
+44 (0) 20 7216 4621
Marcus Chan Jau Chwen, Executive Director (Corporate Affairs)
Kevin Wong Tack Wee, Group Chief Executive Officer
Cavendish Capital Markets Limited - Financial Adviser and Broker
+44 (0) 20 7220 0500
Matt Goode, George Lawson, Trisyia Jamaludin (Corporate Finance)
Tim Redfern, Harriet Ward (Corporate Broking)


 

 

 

 

Chairman's Interim Statement

 

Financial Performance

I am pleased to present the interim unaudited results of our Group for the six months to 30 June 2025, as follows:

 

2025
6 months to 30 June
$ million
2024
6 months to 30 June
$ million
Variance
(%)
2024
Year Ended 31 December
$ million
Revenue
230.5
166.1
+39%
372.3
Gross profit
62.8
35.7
+76%
88.6
Profit before tax
62.6
35.2
+78%
88.1
Profit after tax
48.8
27.9
+75%
67.6
EPS
123.36cts
70.50cts
+75%
170.88cts

 

Average CPO Ex-mill price per mt
$863
$749
+15%
$794
Average PK Ex-mill price per mt
$738
$411
+80%
$507

 

For the six months ended 30 June 2025, the Group's revenue increased by 39% compared to the same period in 2024, driven by a combination of higher sales volumes, stronger external crop intake, and improved selling prices.

 

The Group's average CPO ex-mill price for the first six month was 15% higher at $863/mt as compared to $749/mt for the same period last year. Palm kernel prices averaged at $738/mt, which was 80% higher for the first half of 2025 against $411/mt for the same period last year.

 

Profit before tax rose by 78% year-on-year, mainly due to the increase in selling prices as well as higher sales volumes.

 

Profit after tax for the six months ended 30 June 2025 was 75% higher, compared to the same period last year.

 

Basic earnings per share for the six months ended 30 June 2025 stood at 123.36 cts, reflecting a 75% increase compared to the same period last year.

 

The Group's balance sheet remains strong, with no bank borrowings as at 30 June 2025 and a substantial cash position. Net assets stood at $584.8 million, up from $558.5 million as at 31 December 2024 and $510.3 million as at 30 June 2024. The increase of $26.3 million since the end of 2024 was primarily driven by a profit of $48.8 million for the six-month period, partially offset by a dividend declaration of $20.1 million.

 

As at 30 June 2025, the Group held cash and cash equivalents, including short-term bank deposits, totalling $244.7 million, compared to $183.2 million as at 31 December 2024 and $150.8 million a year earlier. The increase since the start of the year was mainly attributable to cash generated from operations of $67.6 million, partially offset by capital expenditure of $11.2 million and a foreign exchange gain of $0.3 million.

 

Operational Performance

 

Unit
2025
6 months to 30 June
2024
6 months to 30 June
Variance (%)
2024
Year Ended 31 December
FFB production
('000 mt)
530.4
494.9
+7%
1,019.9
Mature plantation
('000 ha)
61.5
61.1
+1%
57.2
FFB Yield
(mt/ha)
9.1
8.5
+7%
17.8
Mill FFB processed
('000 mt)
1,085.3
936.5
+16%
1,960.8
Internal FFB source
('000 mt)
491.8
473.2
+4%
971.9
External FFB source
('000 mt)
593.5
463.3
+28%
988.9
CPO production
('000 mt)
214.3
191.2
+12%
396.7
PK production
('000 mt)
52.7
44.5
+18%
93.4
OER
19.7%
20.4%
20.2%
KER
4.9%
4.8%
4.8%

 

For the six months ended 30 June 2025, Fresh Fruit Bunch ("FFB") production rose by 7%, primarily driven by improved output from matured palms across the North, Bengkulu, and Kalimantan regions.

 

Bought-in crops for the first half of 2025 increased by 28% compared to the same period last year. The increase in FFB purchases was primarily driven by the commencement of external crop intake at the newly commissioned HPP Mill, coupled with increased contributions from smallholders.

 

Overall, CPO production increased by 12% compared to the corresponding period in 2024. The Oil Extraction Rate ("OER") for the first half year was 19.7%, which was slightly lower than 20.4% as compared to the same period last year.

 

Development

 

The Group's planted areas on 30 June 2025 comprised:

 

Total
Mature
Immature
Ha
ha
Ha
North Sumatera
18,920
17,690
1,230
Bengkulu
16,356
12,468
3,888
Riau
4,610
4,605
5
Kalimantan
18,827
17,312
1,515
Bangka
2,797
2,568
229
Plasma
4,176
3,422
754
Indonesia
65,686
58,065
7,621
Malaysia
3,414
3,414
-
Total: 30 June 2025
69,100
61,479
7,621
Total: 31 December 2024
69,410
60,106
9,304
Total: 30 June 2024
68,469
61,095
7,374

 

The Group remains committed to its strategic replanting programme, targeting the replacement of ageing and Dura palms with higher-yielding Tenera seedlings to enhance long-term productivity and improve crude palm oil ("CPO") extraction rates. In line with this objective, the Group completed 768 hectares of new planting and replanting in the first half of 2025, along with 138 hectares of Plasma planting. These efforts will continue to support the Group's sustainable growth and operational efficiency in the coming years.

 

Earthwork for the 8th mill at the KAP Estate in Kalimantan commenced in January 2025 and is expected to be completed by October 2025. As of July 2025, approximately 57% of the earthwork for the mill area has been completed. The new KAP mill is scheduled for commissioning in December 2026.

 

Dividend and Share Buyback

 

The final dividend of 51.0 cents per share in respect of the year ended 31 December 2024 was paid on 18 July 2025.

 

The Board will declare an interim dividend by the end of the third quarter of this year. The exact quantum is to be confirmed in due course.

 

During the period, the Group repurchased 94,172 ordinary shares pursuant to the share buyback programme announced on 20 March 2025.

 

Our last 12-months earnings per share (unaudited) is 224cts (163p). Based on our £9.62 closing price on 8 August 2025 and net cash per share of $6.20 (£4.52), our price-to-earnings and enterprise value-to-earnings ratios are 5.9x and 3.1x, respectively. The Board believes that the Group has strong fundamentals and growth potential to carry out effective capital management, including share buyback.

 

The Board is pleased to announce that it will commence a new share buyback programme (the "Programme") with effect from 11 August 2025. The Programme will have a quantum of up to £8 million (in aggregate) to be used to buy back AEP's ordinary shares of 25 pence each in the market over the course of the period from the date of this announcement until 30 June 2026 or, if earlier, on the date of the Company's 2026 AGM.

 

Outlook

 

CPO prices are expected to stay firm for the remaining months of 2025, bolstered by India's reduction in import duties from 20% to 10%, which has improved price competitiveness and triggered increased buying activity in the major consuming market. Furthermore, in Indonesia, domestic demand for CPO continues to strengthen, driven by industrial consumption under the newly implemented B40 biodiesel mandate.

 

Geopolitical tensions have added caution to global vegetable oil markets, contributing to a modest rise in risk premiums. This environment is supporting steady demand for alternative fuels, which in turn helps sustain CPO's attractiveness and price stability.

 

We remain confident in the long-term demand fundamentals for CPO and expect satisfactory financial performance for the remaining months of 2025.

 

Condensed Consolidated Income Statement

Notes
2025
6 months to 30 June
(unaudited)
2024
6 months to 30 June
(unaudited)
2024
Year to 31 December
(audited)
$000
$000
$000
Revenue
3
230,466
166,100*
372,263
Cost of sales
(168,043)
(132,203)
(286,583)
Changes in fair value of biological assets
416
1,764
2,942
Gross profit
62,839
35,661
88,622
Administration expenses
(4,699)
(4,629)
(8,980)
Other income
732
615*
1,094
Impairment loss
-
-
(133)
Gain arising from fair value
297
514
1,131
Operating profit
59,169
32,161
81,734
Exchange gains
266
721
1,056
Finance income
4
3,141
2,390
5,365
Finance expense
4
(25)
(35)
(65)
Profit before tax
5
62,551
35,237
88,090
Tax expense
6
(13,748)
(7,330)
(20,478)
Profit for the period
48,803
27,907
67,612
Profit for the period attributable to:
- Owners of the parent
48,660
27,870
67,514
- Non-controlling interests
143
37
98
48,803
27,907
67,612
Earnings per share for profit attributable to the owners of the parent during the period
- basic and diluted
8
123.36cts
70.50cts
170.88cts


 

 

*In June 2024, $615,000 was reclassified from revenue to other income to better reflect its nature (refer to Note 3).

 

 

Condensed Consolidated Statement of Comprehensive Income

2025
(Restated)
2024
2024
6 months
6 months
Year
to 30 June
to 30 June*
to 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
Profit for the period
48,803
27,907
67,612
Other comprehensive loss:
Items may be reclassified to profit or loss:
Loss on exchange translation of foreign operations
(1,538)
(31,629)
(23,184)
Net other comprehensive loss may be reclassified to profit or loss
(1,538)
(31,629)
(23,184)
Items not to be reclassified to profit or loss:
Remeasurement of retirement benefits plan, net of tax
-
9
378
Net other comprehensive income not being reclassified to profit or loss
-
9
378
Total other comprehensive loss for the period, net of tax
(1,538)
(31,620)
(22,806)
Total comprehensive income/(loss) for the period
47,265
(3,713)
44,806
Attributable to:
- Owners of the parent
46,897
(3,666)
44,612
- Non-controlling interests
368
(47)
194
47,265
(3,713)
44,806

 

* The prior year's restatement details are disclosed in note 10.

 

 

Condensed Consolidated Statement of Financial Position

2025
(Restated)
2024
2024
Notes
as at 30 June
as at 30 June*
as at 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
Non-current assets
Property, plant and equipment
272,276
261,119
271,170
Investments
9
9,405
37,666
5,111
Receivables
21,007
19,556
19,363
Deferred tax assets
1,991
2,328
1,900
304,679
320,669
297,544
Current assets
Inventories
23,604
16,207
18,767
Income tax receivables
18,316
19,003
18,316
Other tax receivables
29,002
35,083
43,749
Biological assets
8,448
6,758
8,057
Trade and other receivables
8,078
8,987
7,062
Investments
9
18,000
2,911
23,976
Short-term investments
-
881
1,253
Cash and cash equivalents
244,697
149,911
181,908
350,145
239,741
303,088
Total assets
654,824
560,410
600,632
Current liabilities
Trade and other payables
(27,118)
(27,177)
(21,403)
Income tax liabilities
(5,466)
(3,014)
(5,466)
Other tax liabilities
(3,142)
(959)
(1,201)
Dividend payables
(20,137)
(5,962)
(46)
Lease liabilities
(249)
(227)
(307)
(56,112)
(37,339)
(28,423)
Net current assets
294,033
202,402
274,665
Non-current liabilities
Deferred tax liabilities
(2,401)
(513)
(2,225)
Retirement benefits - net liabilities
(11,168)
(11,500)
(11,073)
Lease liabilities
(392)
(719)
(453)
(13,961)
(12,732)
(13,751)
Net assets
584,751
510,339
558,458
Issued capital and reserves attributable to owners of the parent
Share capital
15,504
15,504
15,504
Treasury shares
(3,368)
(2,487)
(2,487)
Share premium
23,935
23,935
23,935
Capital redemption reserve
1,087
1,087
1,087
Exchange reserves
(366,165)
(372,725)
(364,402)
Retained earnings
905,963
838,096
877,394
576,956
503,410
551,031
Non-controlling interests
7,795
6,929
7,427
Total equity
584,751
510,339
558,458

 

 

          * The prior year's restatement details are disclosed in note 10.

 

 

Condensed Consolidated Statement of Changes in Equity

 

 

Attributable to owners of the parent
Share
capital
Treasury
shares
Share
premium
Capital
redemption
reserve
Exchange
Reserves
Retained
earnings
Total
Non-controlling
interests
Total
equity
Note
$000
$000
$000
$000
$000
$000
$000
$000
$000
Balance at 31 December 2023
15,504
(1,847)
23,935
1,087
(341,180)
816,140
513,639
6,976
520,615
Items of other comprehensive (loss)/income:
-Remeasurement of retirement benefits plan, net of tax
-
-
-
-
-
378
378
-
378
-Loss on exchange translation of foreign operations
-
-
-
-
(23,280)
-
(23,280)
96
(23,184)
Total other comprehensive (loss)/income
-
-
-
-
(23,280)
378
(22,902)
96
(22,806)
Profit for the year
-
-
-
-
-
67,514
67,514
98
67,612
Total comprehensive (loss)/income for the year
-
-
-
-
(23,280)
67,892
44,612
194
44,806
Acquisition of non-controlling interests
-
-
-
-
58
(715)
(657)
257
(400)
Share buy back
-
(640)
-
-
-
-
(640)
-
(640)
Dividends paid
-
-
-
-
-
(5,923)
(5,923)
-
(5,923)
Balance at 31 December 2024
15,504
(2,487)
23,935
1,087
(364,402)
877,394
551,031
7,427
558,458
Items of other comprehensive (loss)/income:
-Remeasurement of retirement benefits plan, net of tax
-
-
-
-
-
-
-
-
-
-(Loss)/income on exchange translation of foreign operations
-
-
-
-
(1,763)
-
(1,763)
225
(1,538)
Total other comprehensive (loss)/income
-
-
-
-
(1,763)
-
(1,763)
225
(1,538)
Profit for the period
-
-
-
-
-
48,660
48,660
143
48,803
Total comprehensive (loss)/income for the period
-
-
-
-
(1,763)
48,660
46,897
368
47,265
Share buy back
-
(881)
-
-
-
-
(881)
-
(881)
Dividends payable
-
-
-
-
-
(20,091)
(20,091)
-
(20,091)
Balance at 30 June 2025
15,504
(3,368)
23,935
1,087
(366,165)
905,963
576,956
7,795
584,751


 

Attributable to owners of the parent
Share
capital
Treasury
shares
Share
premium
Capital
redemption
reserve
Exchange
reserves
Retained
earnings
Total
Non-controlling
interests
Total
Equity
$000
$000
$000
$000
$000
$000
$000
$000
$000
Balance at 31 December 2023
15,504
(1,847)
23,935
1,087
(341,180)
816,140
513,639
6,976
520,615
Items of other comprehensive (loss)/ income:
-Remeasurement of retirement benefits plan, net of tax
-
-
-
-
-
9
9
-
9
-Loss on exchange translation of foreign operations
-
-
-
-
(31,545)
-
(31,545)
(84)
(31,629)
Total other comprehensive (loss)/income
-
-
-
-
(31,545)
9
(31,536)
(84)
(31,620)
Profit for the period
-
-
-
-
-
27,870
27,870
37
27,907
Total comprehensive income for the period
-
-
-
-
(31,545)
27,879
(3,666)
(47)
(3,713)
Acquisition of non-controlling interests
-
(640)
-
-
-
-
(640)
-
(640)
Dividends payable
-
-
-
-
-
(5,923)
(5,923)
-
(5,923)
Balance at 30 June 2024 (after restatement)
15,504
(2,487)
23,935
1,087
(372,725)
838,096
503,410
6,929
510,339


 

Condensed Consolidated Statement of Cash Flows

2025
2024
2024
6 months
6 months
Year
to 30 June
to 30 June
to 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
Cash flows from operating activities
Profit before tax
62,551
35,237
88,090
Adjustments for:
Changes in fair value of biological assets
(416)
(1,764)
(2,942)
Gain on disposal of property, plant and equipment
(68)
(18)
(380)
Depreciation
9,226
8,164
18,986
Retirement benefit provisions
1,020
1,002
2,764
Finance income
(3,141)
(2,390)
(5,365)
Finance expense
25
35
65
Unrealised (gain)/loss in foreign exchange
(58)
(721)
31
Gain arising from fair value
(297)
(514)
(1,131)
Property, plant and equipment written off
-
242
451
Impairment losses
-
-
133
Provision/(Reversal) for expected credit loss
4
(1)
(9)
Operating cash flows before changes in working capital
68,846
39,272
100,693
Increase in inventories
(4,857)
(578)
(2,907)
(Increase)/Decrease in non-current, trade and other receivables
(3,889)
1,254
5,588
Increase/(Decrease) in trade and other payables
5,826
2,449
(5,059)
Cash inflows from operations
65,926
42,397
98,315
Retirement benefits paid
(881)
(222)
(1,984)
Overseas tax refund/(paid)
2,601
(7,404)
(22,384)
Net cash flows generated from operating activities
67,646
34,771
73,947
Investing activities
Property, plant and equipment
- purchases
(11,238)
(12,034)
(29,013)
- sales
228
23
872
Interest received
3,141
2,390
5,365
Increase in receivables from cooperatives under plasma scheme
(382)
(1,550)
(5,010)
Repayment from cooperatives under plasma scheme
915
1,042
2,689
Investment in investment portfolio
(30,018)
(30,028)
(45,990)
Disposal of investment portfolio
31,997
-
28,069
Placement of fixed deposits with original maturity of more than three months
-
(881)
(1,253)
Withdrawal of fixed deposits with original maturity of more than three months
1,253
14,076
14,076
Net cash used in investing activities
(4,104)
(26,962)
(30,195)
Financing activities
Dividends paid to the holders of the parent
-
(2)
(5,918)
Repayment of lease liabilities - principal
(155)
(160)
(340)
Repayment of lease liabilities - interest
(25)
(35)
(65)
Acquisition of non-controlling interests
-
-
(400)
Share buy back
(881)
(640)
(640)
Net cash used in financing activities
(1,061)
(837)
(7,363)
Net increase in cash and cash equivalents
62,481
6,972
36,389
Cash and cash equivalents
At beginning of period
181,908
152,984
152,984
Exchange gain/(loss)
308
(10,045)
(7,465)
At end of period
244,697
149,911
181,908
Comprising:
Cash at end of period
244,697
149,911
181,908


 

Notes to the interim statements

 

1.        Basis of preparation of interim financial statements

 

These interim consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board ('IASB') and as adopted by the United Kingdom. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 Annual Report. The financial information for the half years ended 30 June 2025 and 30 June 2024 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and has been neither audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.

 

Basis of preparation

The annual financial statements of Anglo-Eastern Plantations Plc are prepared in accordance with UK adopted International Accounting Standards. The comparative financial information for the year ended 31 December 2024 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2024 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2024 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under Sections 498(2) or 498(3) of the Companies Act 2006.

 

The Directors have a reasonable expectation, having made the appropriate enquiries, that the Group has control of the monthly cashflows and that the Group has sufficient cash resources to cover the fixed cashflows for a period of at least 12 months from the date of approval of this interim report. For these reasons, the Directors adopted a going concern basis in the preparation of the interim report. The Directors have made this assessment after consideration of the Group's budgeted cash flows and related assumptions including appropriate stress testing of identified uncertainties. Stress testing of other identified uncertainties was undertaken on primarily commodity prices and currency exchange rates.

 

Changes in accounting standards

The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the Group's latest annual audited financial statements.

 

 

2.           Foreign exchange

2025
2024
2024
6 months
6 months
Year
to 30 June
to 30 June
to 31 December
(unaudited)
(unaudited)
(audited)
Closing exchange rates
Rp : $
16,233
16,421
16,162
$ : £
1.37
1.26
1.25
RM : $
4.22
4.72
4.47
Average exchange rates
Rp : $
16,428
15,901
15,847
$ : £
1.30
1.26
1.28
RM : $
4.38
4.73
4.57

          

3.        Revenue

 

           Disaggregation of Revenue

The Group has disaggregated revenue into various categories in the following table which is intended to:

•     Depict how the nature, amount and uncertainty of revenue and cash flows are affected by timing of revenue recognition; and

•     Enable users to understand the relationship with revenue segment information provided in note 5.

 

There is no right of return and warranty provided to the customers on the sale of products and services rendered.

 

6 months to 30 June 2025
CPO and palm kernel
FFB
Rubber
Shell nut
Biogas products
Others
Total
$000
$000
$000
$000
$000
$000
$000
Contract counterparties
Government
-
-
-
219
-
219
Non-government
- Wholesalers
219,812
7,659
-
2,772
-
4
230,247
219,812
7,659
-
2,772
219
4
230,466
Timing of transfer of goods
Delivery to customer premises
7,659
-
-
-
-
7,659
Delivery to port of departure
35,885
-
-
-
-
-
35,885
Customers collect from our mills/estates
183,927
-
-
2,772
-
-
186,699
Upon generation/others
-
-
-
-
219
4
223
219,812
7,659
-
2,772
219
4
230,466

 

6 months to 30 June 2024
CPO and palm kernel
FFB
Rubber
Shell nut
Biogas products
Others
Total
$000
$000
$000
$000
$000
$000
$000
Contract counterparties
Government
-
-
-
-
389
-
389
Non-government
- Wholesalers
160,092
3,780
106
1,730
-
3*
165,711*
160,092
3,780
106
1,730
389
3*
166,100*
Timing of transfer of goods
Delivery to customer premises
-
3,780
106
-
-
-
3,886
Delivery to port of departure
32,411
-
-
-
-
-
32,411
Customers collect from our mills/estates
127,681
-
-
1,730
-
-
129,411
Upon generation/others
-
-
-
-
389
3*
392*
160,092
3,780
106
1,730
389
3*
166,100*

 

*The Group has reclassified $615,000 from Revenue to Other Income for the period ended 30 June 2024 to be in line with FY2024.

Year to 31 December 2024
CPO and palm kernel
FFB
Rubber
Shell nut
Biogas products
Others
Total
$000
$000
$000
$000
$000
$000
$000
Contract counterparties
Government
-
-
-
637
-
637
Non-government
- Wholesalers
358,745
8,923
112
3,840
-
6
371,626
358,745
8,923
112
3,840
637
6
372,263
Timing of transfer of goods
Delivery to customer premises
-
8,923
112
-
-
-
9,035
Delivery to port of departure
74,767
-
-
-
-
-
74,767
Customers collect from our mills/estates
283,978
-
-
3,840
-
-
287,818
Upon generation/others
-
-
-
-
637
6
643
358,745
8,923
112
3,840
637
6
372,263

 

 

4.        Finance income and expense

2025
2024
2024
6 months
6 months
Year
to 30 June
to 30 June
to 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
Finance income
Interest receivable on:
Credit bank balances and time deposits
3,141
2,390
5,365
Finance expense
Interest payable on:
Interest expense in lease liabilities
(25)
(35)
(65)
Net finance income recognised in income statement
3,116
2,355
5,300

                                                                                                                                                                                                                                                                                                                                                                                                                                    

 

 

5.    Segment information

 

North
Sumatera
Bengkulu
Riau
Bangka
Kalimantan
Total Indonesia
Malaysia
UK
Total
$000
$000
$000
$000
$000
$000
$000
$000
$000
6 months to 30 June 2025 (unaudited)
Total sales revenue (all external)
- CPO and palm kernel
85,026
72,411
31,663
-
30,712
219,812
-
-
219,812
- FFB
-
-
-
3,141
2,944
6,085
1,574
-
7,659
- Shell nut
1,257
764
742
-
9
2,772
-
-
2,772
- Biogas products
3
70
-
-
146
219
-
-
219
- Others
-
-
-
-
-
-
4
-
4
Total revenue
86,286
73,245
32,405
3,141
33,811
228,888
1,578
-
230,466
Profit/(loss) before tax for the period per consolidated income statement
28,014
13,286
8,860
900
11,826
62,886
58
(393)
62,551
Financeincome
1,776
569
328
1
59
2,733
371
37
3,141
Financeexpense
(6)
-
-
-
-
(6)
(10)
(9)
(25)
Depreciation
(3,435)
(1,774)
(357)
(296)
(3,140)
(9,002)
(163)
(61)
(9,226)
Impairment losses
-
-
-
-
-
-
-
-
-
(Provision)/Reversal for expected credit loss
(1)
(2)
-
-
(1)
(4)
-
-
(4)
Inter-segment transactions
2,927
(1,343)
(385)
(225)
(1,516)
(542)
532
10
-
Inter-segmental revenue
12,570
1,918
-
-
5,651
20,139
-
-
20,139
Tax (expense)/credit
(6,820)
(2,684)
(1,833)
(136)
(2,144)
(13,617)
(130)
(1)
(13,748)
Total assets
274,932
124,425
47,489
20,560
151,959
619,365
15,946
19,513
654,824
Property, plant and equipment
79,172
54,094
7,925
16,939
105,464
263,594
8,238
444
272,276
Property, plant and equipment -
additions
2,483
3,864
149
469
3,826
10,791
315
51
11,157
Total liabilities
(19,740)
(13,661)
(5,660)
(513)
(9,370)
(48,944)
(693)
(20,436)
(70,073)


 

 

 

North
Sumatera
Bengkulu
Riau
Bangka
Kalimantan
Total Indonesia
Malaysia
UK
Total
$000
$000
$000
$000
$000
$000
$000
$000
$000
6 months to 30 June 2024 (unaudited)
Total sales revenue (all external)
- CPO and palm kernel
58,336
44,025
26,263
-
31,468
160,092
-
-
160,092
- FFB
-
-
-
1,792
716
2,508
1,272
-
3,780
- Rubber
106
-
-
-
-
106
-
-
106
- Shell nut
491
660
552
-
27
1,730
-
-
1,730
- Biogas products
74
137
-
-
178
389
-
-
389
- Others
-
-
-
-
-
-
3
-
3
Total revenue
59,007
44,822
26,815
1,792
32,389
164,825
1,275
-
166,100
Profit/(loss) before tax for the period per consolidated income statement
17,527
5,440
5,689
(269)
7,630
36,017
(264)
(516)
35,237
Financeincome
1,530
412
390
1
34
2,367
20
3
2,390
Financeexpense
(14)
-
-
-
-
(14)
(11)
(10)
(35)
Depreciation
(3,246)
(1,141)
(161)
(350)
(3,092)
(7,990)
(131)
(43)
(8,164)
Impairment losses
-
-
-
-
-
-
-
-
-
(Provision)/Reversal for expected credit loss
(4)
-
-
-
5
1
-
-
1
Inter-segment transactions
3,264
(1,397)
(401)
(226)
(1,524)
(284)
274
10
-
Inter-segmental revenue
10,884
1,768
-
-
6,338
18,990
-
-
18,990
Tax (expense)/credit
(4,213)
(748)
(1,222)
109
(1,186)
(7,260)
(69)
(1)
(7,330)
Total assets
232,303
110,017
44,777
18,241
140,741
546,079
10,042
4,289
560,410
Property, plant and equipment
79,319
48,861
7,913
15,843
101,350
253,286
7,380
453
261,119
Property, plant and equipment -
additions
2,582
4,317
388
571
3,577
11,435
165
155
11,755
Total liabilities
(18,182)
(11,020)
(4,755)
(276)
(8,874)
(43,107)
(673)
(6,291)
(50,071)


 

 

 

North
Sumatera
Bengkulu
Riau
Bangka
Kalimantan
Total Indonesia
Malaysia
UK
Total
$000
$000
$000
$000
$000
$000
$000
$000
$000
Year to 31 December 2024 (audited)
Total sales revenue (all external)
- CPO and palm kernel
134,013
96,639
59,405
-
68,688
358,745
-
-
358,745
- FFB
-
-
-
3,212
2,821
6,033
2,890
-
8,923
- Rubber
112
-
-
-
-
112
-
-
112
- Shell nut
1,281
1,148
1,368
-
43
3,840
-
-
3,840
- Biogas products
87
216
-
-
334
637
-
-
637
- Others
-
-
-
-
-
-
6
-
6
Total revenue
135,493
98,003
60,773
3,212
71,886
369,367
2,896
-
372,263
Profit/(loss) before tax for the year per consolidated income statement
43,663
11,281
13,351
(731)
22,941
90,505
(857)
(1,558)
88,090
Financeincome
3,569
877
792
3
70
5,311
49
5
5,365
Financeexpense
(22)
-
-
-
-
(22)
(23)
(20)
(65)
Depreciation
(7,281)
(3,703)
(831)
(598)
(6,200)
(18,613)
(277)
(96)
(18,986)
Impairment losses
-
-
-
-
-
-
(133)
-
(133)
(Provision)/Reversal for expected credit loss
(4)
1
-
(1)
13
9
-
-
9
Inter-segment transactions
6,354
(2,804)
(802)
(455)
(3,059)
(766)
715
51
-
Inter-segmental revenue
23,812
2,489
-
-
12,899
39,200
-
-
39,200
Tax (expense)/credit
(11,607)
(1,723)
(3,066)
268
(4,180)
(20,308)
(167)
(3)
(20,478)
Total assets
251,963
113,498
40,488
20,079
145,586
571,614
25,259
3,759
600,632
Property, plant and equipment
80,473
52,375
8,171
16,838
105,239
263,096
7,621
453
271,170
Property, plant and equipment -
additions
7,021
9,823
1,199
1,576
9,009
28,628
287
208
29,123
Total liabilities
(16,097)
(11,222)
(5,164)
(534)
(7,624)
(40,641)
(865)
(668)
(42,174)


 

 

 

 

In the 6 months to 30 June 2025, revenue from 4 customers of the Indonesian segment represent approximately $102.0m (H1 2024: $84.5m) of the Group's total revenue. In the year 2024, revenue from 4 customers of the Indonesian segment represent approximately $165.8m of the Group's total revenue. An analysis of this revenue is provided below. Although Customers 1 to 2 each contribute over 10% of the Group's total revenue, there was no over reliance on these Customers as tenders were performed on a weekly basis. Two of the top four customers were the same as in the year to 31 December 2024.

 

2025
2024
2024
6 months
6 months
Year
to 30 June
to 30 June
to 31 December
(unaudited)
(unaudited)
(audited)
$m
%
$m
%
$m
%
Major Customers
Customer 1
51.2
22.2
32.3
19.3
84.7
22.8
Customer 2
19.1
8.3
24.6
14.8
31.8
8.5
Customer 3
16.5
7.2
16.4
9.9
26.4
7.1
Customer 4
15.2
6.6
11.2
6.7
22.9
6.1
Total
102.0
44.3
84.5
50.7
165.8
44.5

 

6.         Tax expense

2025
(Restated)
2024
2024
6 months
6 months
Year
to 30 June
to 30 June
to 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
Foreign corporation tax - current year
13,468
7,924
18,163
Foreign corporation tax - prior year
204
39
828
Deferred tax adjustment - origination and reversal of temporary differences
76
(633)
1,628
Deferred tax - prior year
-
-
(141)
13,748
7,330
20,478

          

Corporation tax rate in Indonesia is at 22% (H1 2024: 22%, 2024: 22%) whereas Malaysia is at 24% (H1 2024: 24%, 2024: 24%). The standard rate of corporation tax in the UK for the current year is 25% (H1 2024: 25%, 2024: 25%). 

 

 

7.        Dividend

          

No interim dividend in respect of 2024. (2023: 15.0 cents per share, or $5,944,516 paid on 6 October 2023).

 

The final dividend in respect of 2024, amounting to 51.0 cents per share, or $20,091,155 was paid on 18 July 2025 (2023: 15.0 cents per share, or $5,923,289 paid on 12 July 2024).

 

 

8.         Earnings per ordinary share ("EPS")

2025
2024
2024
6 months
6 months
Year
to 30 June
to 30 June
to 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
Earnings used in basic and diluted EPS
48,660
27,870
67,514
Number
Number
Number
'000
'000
'000
Weighted average number of shares in issue in the period
- used in basic EPS
39,445
39,532
39,510
- dilutive effect of outstanding share options
-
-
-
- used in diluted EPS
39,445
39,532
39,510
Basic and diluted EPS
123.36cts
70.50cts
170.88cts

 

9.        Investments

 

The breakdown for the investments is split between current and non-current based on the maturity of the investments as follows:

2025
2024
2024
as at 30 June
as at 30 June
As at 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
Non-current
9,405
37,666
5,111
Current
18,000
2,911
23,976
27,405
40,577
29,087

 

The movement of the fair value through profit and loss investment is as follows:

 

2025
2024
2024
as at 30 June
as at 30 June
As at 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
1 January
29,087
10,035
10,035
Additions
30,018
30,028
45,990
Disposal
(31,997)
-
(28,069)
Change in fair value recognised in profit and loss
297
514
1,131
27,405
40,577
29,087

 

            Fair value through profit and loss financial assets includes the following:

 

2025
2024
2024
as at 30 June
as at 30 June
As at 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
Quoted:
Equity securities - United Kingdom
35
33
27
Bonds - Indonesia
18,000
30,189
18,014
Treasury Bills - United States
-
-
5,962
Bond - Singapore
4,000
-
-
Unquoted:
Investment portfolio - Luxembourg
5,370
10,355
5,084
27,405
40,577
29,087

 

Fair value through profit and loss financial assets are denominated in the following currencies:

 

2025
2024
2024
as at 30 June
as at 30 June
As at 31 December
(unaudited)
(unaudited)
(audited)
$000
$000
$000
Currency
Sterling
35
33
27
US Dollar
27,370
10,355
29,060
Indonesian Rupiah
-
30,189
-
27,405
40,577
29,087

 

The fair value of investment for quoted equity securities is classified as Level 1 in the fair value hierarchy and fair value of investment for unquoted investment portfolio is classified as Level 2.

 

The valuation inputs for quoted equity securities are obtained from the active market while for unquoted investment portfolio is obtained from the custodian bank. For investment portfolios subject to capital protection arrangements, where the fair value was below the original cost, the Group historically recognised these investments at cost, relying on the capital protection feature to guarantee recovery of the initial investment amount. In 2025 and 2024, the fair value of the investment portfolio has risen above cost.

 

10.      Prior year restatement

 

Nature of the Restatement on 30 June 2024

In the 2023 financial statements, the Group recognised a deferred tax asset in relation to capital losses incurred in Indonesia. This recognition was based on management's interpretation of the Indonesian Income Tax Law, which was understood to permit capital losses arising from trading assets to be offset against future taxable profits.

 

However, during a reassessment undertaken in the 2024 financial year, management concluded that the recognition did not satisfy the criteria under IAS 12 Income Taxes and relevant Indonesian tax regulations. As such, a prior period error was identified, and the Group restated its comparative financial information in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to reflect the appropriate accounting treatment.

 

In addition, the Group identified and corrected the following additional accounting misstatements:

- A historical error in the recognition of deferred tax assets associated with temporary differences between the accounting and tax bases of property, plant and equipment.

- The reversal of certain accruals included in trade and other payables that were deemed no longer necessary.

 

The effects of the restatements are summarised as follows:

 

6 months to
30 June 2024
$000
Impact on consolidated statement of comprehensive income
Other comprehensive loss for the year before restatement
(32,307)
Effect of change in restatement:
Gain on exchange translation of foreign operations
687
Other comprehensive loss for the year after restatement
(31,620)


 

The following table summarises the impact of these prior year restatements on the Consolidated Statement of Financial Position:

 

Balance as reported
30 June 2024
$000
Effect of restatement
$000
Restated balance at
30 June 2024
$000
Impact on consolidated statement of financial position
Deferred tax assets
9,138
(6,810)
2,328
Income tax receivables
20,525
(1,522)
19,003
Deferred tax liabilities
(457)
(56)
(513)
Trade and other payables
(27,771)
594
(27,177)
Income tax liabilities
(1,438)
(1,576)
(3,014)
Exchange reserves
(373,871)
1,146
(372,725)
Retained earnings
848,612
(10,516)
838,096

 

11.      Report and financial information

 

Copies of the interim report for the Group for the period ended 30 June 2025 are available on the AEP website at https://www.angloeastern.co.uk/.

 

 

Change in Board Committees

 

The Board would also like to announce the reconstitution of its Board Committees with immediate effect.

 

The composition of the Board Committees is as follows:

 

Audit Committee:

 

Chairman
Mr Onn Kien Hoe
Members
Mr Michael Henry Stainer
Ms Farah Suhanah Tun Ahmad Sarji

 

Risk Management Committee:

 

Chairman
Mr Michael Henry Stainer
Members
Mr Onn Kien Hoe
Mr Marcus Chan Jau Chwen

 

Nomination Committee:

 

Chairman
Ms Farah Suhanah Tun Ahmad Sarji
Members
Mr Michael Henry Stainer
Mr Onn Kien Hoe

 

Remuneration Committee:

 

Chairman
Ms Farah Suhanah Tun Ahmad Sarji
Members
Mr Michael Henry Stainer
Mr Onn Kien Hoe

 

ESG & Corporate Governance Committee:

 

Chairman
Mr Marcus Chan Jau Chwen
Members
Ms Farah Suhanah Tun Ahmad Sarji
Mr Jonathan Law Ngee Song

 

 

 

 

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 
  END

 

 
IR KBLFFEVLZBBD