Friday, March 02, 2012

NBPOL posts US$275.5 million profit for 2011

NEW Britain Palm Oil Ltd, one of the largest fully-integrated industrial producers of sustainable palm oil, has recorded a profit before tax of US$275.5 million during the 2011 financial year, up 110% from US$131.2 million of the previous period, The National reports.
This was made possible by the 69% increase in revenue to US$780.1 million during the same period, from US$461.2 million of the previous year.
The higher figures for 2011was boosted by increases in volumes and higher prices for palm oil, the company said.
Among the financial highlights announced last Friday were:
  • Increase in earnings per share attributable to ordinary shareholders by 134% to US$1.408, compared to US$0.602 in 2010;
  • Ebitda (earnings before interest, taxes, depreciation and amortisation). increased 88% to US$336.7 million compared to  US$179.4 million in 2010;
  • Gross margin of 50% (2010: 50.6%) reflecting the impact on costs due mainly to the appreciation in the kina against the US dollar;
  • Oil shipments (crude palm oil, palm kernel oil and refined oils, excluding the Liverpool refinery) up 30% to a record 592,050 tonnes as against 455,122 tonnes in 2010;
  • Average selling price achieved for crude palm oil during the year was US$1,108/tonne, an increase of 30% against the achieved price of US$850/tonne in 2010;
  • Net cash generated from operating activities increased 106% to US$155.3 million from US$75.3 million in the previous year.
  • The group had cash holdings of US$60.1 million (and bank overdrafts of US$5.1 million) at the end 2011 with strong operating cash flows; 
  • The group’s US$240 million five-year financing facility was drawn down last  April to repay the US$200 million 12-month facility taken out for the acquisition of Kula Palm Oil Ltd, with the balance for various capital projects and working capital; and
  • Subsequent to period end, the board has declared a final dividend for last year of US$0.15 payable next April, which together with the interim dividend of US$0.15 paid last October, takes the full-year dividend to US$0.30

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