€45.9 0.1 0.2%
Last Trade - 1:02pm
Market Cap | £414.4m |
Enterprise Value | £487.3m |
Revenue | £198.1m |
Position in Universe | 338th / 847 |
Feb 13 (Reuters) - SIPEF NV SIFB.BR : * RESULTS OF THE SIPEF GROUP * AS PER 31 DECEMBER 2019 , RESULT BEFORE TAX WAS KUSD 852, COMPARED WITH KUSD 39 598 IN 2018, CHIEFLY DUE TO LOW MARKET PRICES FOR PALM OIL * DUE TO A GENERAL DECLINE IN PALM CROPS IN INDONESIA AND THE EFFECT OF THREE VOLCANIC ERUPTIONS IN PAPUA NEW GUINEA, 2019 ANNUAL PALM OIL PRODUCTION OF THE SIPEF GROUP FELL BY 11.2% COMPARED WITH THE PREVIOUS YEAR * OIL PALM PLANTATIONS IN PAPUA NEW GUINEA GRADUALLY RECOVERED FROM THREE VOLCANIC ERUPTIONS OF MOUNT ULAWUN EARLIER IN 2019, BUT PALM OIL PRODUCTION AT OWN PLANTATIONS FELL BY 38.1% COMPARED WITH FOURTH QUARTER OF 2018 * FY REVENUE $248.3 MILLION VERSUS $ 275.3 MILLION YEAR AGO * FY OPERATING PROFIT $4.9 MILLION VERSUS $ 42.7 MILLION YEAR AGO * FOR 2019 TOTAL GROSS MARGIN PER PRODUCT $37.2 MLN (NOT FOR 2020 CORE OPERATING MARGIN AROUND 30.0% OF NET SALES) * THE BOARD OF DIRECTORS PROPOSES NOT PAYING OUT A DIVIDEND FOR THE FINANCIAL YEAR 2019 IN ORDER TO KEEP THE GROUP’S DEBT POSITION UNDER CONTROL AND ENSURE THE GROWTH POTENTIAL IS NOT THREATENED * THERE IS A PROSPECT FOR IMPROVING RESULTS IN 2020 * DECISION WAS MADE TO LIMIT THE USUAL REPLACEMENT INVESTMENTS IN THE NEW FINANCIAL YEAR 2020 WHERE POSSIBLE * SIPEF HAS NOW SOLD 36% OF THE EXPECTED PALM OIL PRODUCTION FOR 2020 ON A MARKET THAT HAS RISEN SHARPLY OVER THE PAST FOUR MONTHS * MARKETS IN 2020: THERE WILL BE NO GROWTH IN PRODUCTION OF PALM OIL AROUND THE GLOBE; MALAYSIA IS EXPECTED TO SEE A REDUCTION OF 0.5 TO 1 MILLION TONNES, AND INDONESIA LIMITED GROWTH AT BEST * SEES NO REASON TO ADJUST THE OUTLOOK FOR THE WHOLE PRODUCTION YEAR OF 2020 Source text : https://bit.ly/2OSSWpk Further company coverage: SIFB.BR (Gdansk Newsroom) ((gdansk.newsroom@thomsonreuters.com; +48 58 7785110;))