REG-R.E.A. Holdings plc R.E.A. Holdings plc: Half yearly results

R E A HoldingsAnnouncement

19/09/2024 07:15

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   R.E.A. Holdings plc (RE.)
   R.E.A. Holdings plc: Half yearly results

   19-Sep-2024 / 07:00 GMT/BST

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   R.E.A. Holdings plc (“REA” or the “company”)

   REA today publishes the group’s half yearly report for the six months to
   30 June 2024. Please click on the link below to view.

   The 2024 half yearly report will shortly be available
   at  1 www.rea.co.uk/investors/financial-reports.

    

   Strategic

     • Subscription of further shares in REA Kaltim by the DSN group in March
       2024 with final consideration determined at $53.6 million, increasing
       DSN’s investment in the operating sub-group from 15 per cent to 35 per
       cent
     • CDM being retained and good progress made in improving yields and
       settling plasma arrangements
     • On target to comply with the EUDR requirements – processes and control
       systems now installed in COM to permit sales of segregated certified
       CPO

    

   Financial

     • Revenue increased by 10 per cent to $80.9 million (2023: $73.6
       million) primarily reflecting increased sales volumes
     • Average selling prices (net of export duty and levy) in line with
       prior year with CPO at $755 per tonne (2023: $746) and CPKO at $847
       per tonne (2023: $875 per tonne); current local prices comfortably
       above the average prices for the first six months of 2024
     • EBITDA for the period of $21.6 million (2023: $15.7 million), a 40 per
       cent increase
     • Profit before tax of $8.1 million (2023: loss before tax of $15.2
       million) due to higher revenues and positive swing in exchange
       differences
     • Group net indebtedness reduced to $167.9 million from $178.2 million
       at 31 December 2023
     • All outstanding arrears of preference dividend totalling 11.5p per
       preference share discharged in April 2024 and semi-annual preference
       dividend duly paid on 30 June 2024

    

   Agricultural operations

     • FFB production of 326,370 tonnes (2023: 346,216) reflecting reduced
       hectarage due to the replanting programme
     • Improved extraction rates with further improvements post period end
     • Replanting is proceeding in line with the previously announced
       programme for 2024 of 1,300 hectares
     • 750 hectares of extension planting to be completed by year end with
       the balance of 250 hectares carried over to 2025

    

   Stone, sand and coal interests

     • Sales at ATP’s stone concession commenced
     • Arrangements for production of silica sand being progressed
     • Coal operations inactive
     • Implementing changes to structure of group’s interests in stone, sand
       and coal with application for necessary approvals to acquire 95 per
       cent ownership of the stone interest

    

   Environmental, social and governance

     • Developing projects with smallholders to encourage and improve the
       sustainable component of the group’s supply chain and promote
       sustainable palm oil production

    

   Outlook

     • Current firming in CPO prices likely to be sustained and mitigate the
       effect of lower crops in the second half of 2024
     • Encouraging outlook based on increased sustainability premia, further
       improvements to productivity and replanting areas starting to
       contribute crop
     • Stone quarrying coming to fruition

    

   Enquiries:

   R.E.A. Holdings plc

   Tel: +44 (0)20 7436 7877

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   Attachment

   File:  2 REA Half yearly report 2024

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB0002349065
   Category Code: IR
   TIDM:          RE.
   LEI Code:      213800YXL94R94RYG150
   Sequence No.:  347684
   EQS News ID:   1990923


    
   End of Announcement EQS News Service

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References

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