Trading Statement & Delay in 2024 Audited Results

In brief · summary, not quotable

2024 revenue $372.6m, profit $67.6m up 20%; audit delayed, shares to suspend 1 May.

Revenue $372.6m
Profit after tax $67.6m (prior 20% higher than 2023)
Earnings per share 171 cents (prior 37% increase)
FFB production 1,019.9 '000 mt (prior 1,102.2 '000 mt)
CPO production 396.7 '000 mt (prior 449.0 '000 mt)
Final dividend proposed 51 cents per share (prior 30.0 cents (2023 interim and final))

Full announcement

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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 (unaudited)	2023
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.