REG - Anglo-Eastern Plant. - Interim Results
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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 2024 Variance 2024
6 months to 30 June 6 months to 30 June (%) Year Ended 31 December
$ million $ million $ 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 2024 Variance (%) 2024
6 months to 30 June 6 months to 30 June 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 2024 2024
(unaudited) 6 months to 30 June Year to 31 December
(unaudited) (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 2024
(Restated)
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
Capital Non-controlling
Share Treasury Share redemption Exchange Retained interests Total
capital shares premium reserve Reserves earnings 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
Capital Non-controlling
Share Treasury Share redemption Exchange Retained interests Total
capital shares premium reserve reserves earnings 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 - (881) (1,253)
original
maturity of more than three months
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.
CPO and palm kernel Shell nut Biogas products Total
6 months to 30 June 2025 FFB Rubber Others
$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
CPO and palm kernel Shell nut Biogas products Total
6 months to 30 June 2024
FFB Rubber Others
$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.
CPO and palm kernel Shell nut Biogas products Total
Year to 31 December 2024
FFB Rubber Others
$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 Bengkulu Riau Bangka Kalimantan Total Indonesia Malaysia UK Total
Sumatera
$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 28,014 13,286 8,860 900 11,826 62,886 58 (393) 62,551
statement
Finance income 1,776 569 328 1 59 2,733 371 37 3,141
Finance expense (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 - 2,483 3,864 149 469 3,826 10,791 315 51 11,157
additions
Total liabilities (19,740) (13,661) (5,660) (513) (9,370) (48,944) (693) (20,436) (70,073)
North Bengkulu Riau Bangka Kalimantan Total Indonesia Malaysia UK Total
Sumatera
$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 17,527 5,440 5,689 (269) 7,630 36,017 (264) (516) 35,237
statement
Finance income 1,530 412 390 1 34 2,367 20 3 2,390
Finance expense (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 - 2,582 4,317 388 571 3,577 11,435 165 155 11,755
additions
Total liabilities (18,182) (11,020) (4,755) (276) (8,874) (43,107) (673) (6,291) (50,071)
North Bengkulu Riau Bangka Kalimantan Total Indonesia Malaysia UK Total
Sumatera
$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
Finance income 3,569 877 792 3 70 5,311 49 5 5,365
Finance expense (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 - 7,021 9,823 1,199 1,576 9,009 28,628 287 208 29,123
additions
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 Restated balance at
30 June 2024 Effect of restatement 30 June 2024
$000 $000 $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
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