REG - Anglo-Eastern Plant - Trading Statement & Delay in 2024 Audited Results

Anglo-Eastern PlantationsAnnouncement

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RNS Number : 7058G  Anglo-Eastern Plantations PLC  30 April 2025

30 April 2025

 

Anglo-Eastern Plantations Plc

(The "Company" or "AEP")

 

Trading Statement and Delay in 2024 Audited Financial Statements

 

Delay to publication of the audited financial results for the year ended 31
December 2024

 

Anglo-Eastern Plantations Plc, which owns, operates and develops plantations
in Indonesia and Malaysia, announces that the audit of its financial
statements for the year ended 31 December 2024 is ongoing and will not be
completed by 30 April 2025.

 

Forvis Mazars, our current auditor, requires additional time to complete its
first-year audit. To date, AEP has not been informed of any significant audit
issues. We continue to work with Forvis Mazars to ensure that the audit is
completed as soon as possible.

As a result, the Company expects that its shares will be temporarily suspended
from listing and trading from 1 May 2025 until the audit is completed and the
2024 annual report and accounts are published.

AEP recognises the importance of timely financial reporting and remains
committed to restoring its usual reporting timetable going forward.

 

 

Operating Performance from continuing operations

 

Notwithstanding the above, the Board presents the following underlying
performance of the Company from continuing operations for the year ended 31
December 2024. The figures presented in this statement remain subject to
finalisation of the audit.

 

Our revenue is expected to be around $372.6 million for 2024. Profit after tax
is expected to be around $67.6 million, which is 20% higher than 2023,
supported by a combination of elevated CPO prices and lower expenses,
including fertiliser spend. Earnings per share is set to increase by 37% to
171 cents following the full acquisition of minority interests in our
Indonesian subsidiaries in 2024.

In 2024, our FFB and CPO production declined by 7% and 12%, respectively,
compared to the previous year. The decline in production was partly due to our
ongoing replanting programme and further influenced by broader regional
conditions, particularly in the first half of the year, where excessive
rainfall and flooding disrupted operations in certain regions.

 

                         Unit       2024          2023

                                    (unaudited)
 FFB production          ('000 mt)  1,019.9       1,102.2
 Mature plantation       ('000 ha)  57.2          56.7
 External FFB purchased  ('000 mt)  988.9         1,080.2
 CPO production          ('000 mt)  396.7         449.0

 

 

Dividend

Accordingly, and in line with the Group's stated dividend policy, the Board is
proposing to declare a final dividend of 51 cents per share (2023: 30.0 cents
(interim and final)), which is subject to the approval by shareholders at the
next Annual General Meeting, which is expected to be held in June 2025. This
represents approximately 30% of the indicative retained profits attributable
to our Group for the year.

 

The following dates are subject to confirmation, owing to the delay in the
publication of the annual report and accounts. The dividend is scheduled to be
paid on 18 July 2025 to shareholders who are on the register of members at the
close of business on 20 June 2025. The ex-dividend date is set for 19 June
2025.

 

 Event             Date
 Ex-Dividend Date  19 June 2025
 Record Date       20 June 2025

 

 

For further enquiry, contact:

 

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

 

Panmure
Liberum
+44 (0) 20 3100 2000

Amrit Mahbubani / Freddie Wooding

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018.

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