New Britain Palm Oil Limited: Revenue soars to US$352m

NEW Britain Palm Oil Ltd has increased its revenue by 56.5% to US$352.2 million (K994.9 million) for the operational year ending Dec 31 last year, The National reports.

Profit after-tax was US$106.3 million (K296.93 million).

NBPOL also reported a record 1.27 million tonnes of fruit processed and 320,000 tonnes in aggregate crude palm oil (CPO) and palm kernel produced.

Crude oil production was 7% higher than the preceding year and palm product extraction rates remained about 28%.

An average CPO selling price achieved by the company for the year was US$926 (K2,587) per tonne as against the previous year’s price of US$686 (K1,916.20) per tonne.

Forward sales of roughly a quarter of its production for this year of 82,000 tonnes of CPO averaged US$849 (K2, 371.51) per tonne.

As of yesterday, the production figure was now at 156,000 tonnes of palm oil output at an average price of US$780 (K2, 178.77) per tonne.

Dividends paid during the year totalled US$0.4180 per share, including an interim dividend for last year of US$0.14 per share.

A final gross dividend of US$0.14 will be paid this coming May.