AI Terminal
Anglo-Eastern Plantations PLC
Earnings Release • Aug 11, 2025
5269_ir_2025-08-11_a3797b79-2c51-4860-94d6-c81c4d59fbcc.html
Earnings Release
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information 
RNS Number : 7376U
Anglo-Eastern Plantations PLC
11 August 2025
Anglo-Eastern Plantations Plc
("AEP", "Group" or "Company")
Interim results for the six months ended 30 June 2025
Anglo-Eastern Plantations Plc, which owns, operates and develops plantations in Indonesia and Malaysia, is pleased to announce its unaudited results for the six months ended 30 June 2025.
Highlights
· For the six months ended 30 June 2025, Group revenue rose 39%, gross profit 76% and profit before tax 78%, driven by higher volumes and stronger prices.
· The average ex-mill CPO price achieved in the period was $863/mt (+15%) and the average palm kernel price achieved was $738/mt (+80%), substantially ahead of the prior year.
· The Group continues to maintain a strong balance sheet with $244.7 million cash and no bank borrowings.
· Board intention to declare an interim dividend by the end of the third quarter of this year .
· New £8m share buyback programme to commence today, 11 August 2025 .
AEP Chairman, Jonathan Law, commented:
"I am very pleased to report another strong set of results for AEP that reflect higher sales volume and CPO prices, as well as strong external crop intake. We are expecting CPO prices to remain robust in the coming months and, together with wider market conditions, makes the Board confident in achieving positive performance in the second half of the year."
Enquiries:
| Anglo-Eastern Plantations Plc | +44 (0) 20 7216 4621 |
| Marcus Chan Jau Chwen, Executive Director (Corporate Affairs) | |
| Kevin Wong Tack Wee, Group Chief Executive Officer | |
| Cavendish Capital Markets Limited - Financial Adviser and Broker | +44 (0) 20 7220 0500 |
| Matt Goode, George Lawson, Trisyia Jamaludin (Corporate Finance) | |
| Tim Redfern, Harriet Ward (Corporate Broking) |
Chairman's Interim Statement
Financial Performance
I am pleased to present the interim unaudited results of our Group for the six months to 30 June 2025, as follows:
| 2025 6 months to 30 June $ million |
2024 6 months to 30 June $ million |
Variance (%) |
2024 Year Ended 31 December $ million |
|
| Revenue | 230.5 | 166.1 | +39% | 372.3 |
| Gross profit | 62.8 | 35.7 | +76% | 88.6 |
| Profit before tax | 62.6 | 35.2 | +78% | 88.1 |
| Profit after tax | 48.8 | 27.9 | +75% | 67.6 |
| EPS | 123.36cts | 70.50cts | +75% | 170.88cts |
| Average CPO Ex-mill price per mt | $863 | $749 | +15% | $794 |
| Average PK Ex-mill price per mt | $738 | $411 | +80% | $507 |
For the six months ended 30 June 2025, the Group's revenue increased by 39% compared to the same period in 2024, driven by a combination of higher sales volumes, stronger external crop intake, and improved selling prices.
The Group's average CPO ex-mill price for the first six month was 15% higher at $863/mt as compared to $749/mt for the same period last year. Palm kernel prices averaged at $738/mt, which was 80% higher for the first half of 2025 against $411/mt for the same period last year.
Profit before tax rose by 78% year-on-year, mainly due to the increase in selling prices as well as higher sales volumes.
Profit after tax for the six months ended 30 June 2025 was 75% higher, compared to the same period last year.
Basic earnings per share for the six months ended 30 June 2025 stood at 123.36 cts, reflecting a 75% increase compared to the same period last year.
The Group's balance sheet remains strong , with no bank borrowings as at 30 June 2025 and a substantial cash position. Net assets stood at $584.8 million, up from $558.5 million as at 31 December 2024 and $510.3 million as at 30 June 2024. The increase of $26.3 million since the end of 2024 was primarily driven by a profit of $48.8 million for the six-month period, partially offset by a dividend declaration of $20.1 million.
As at 30 June 2025, the Group held cash and cash equivalents, including short-term bank deposits, totalling $244.7 million, compared to $183.2 million as at 31 December 2024 and $150.8 million a year earlier. The increase since the start of the year was mainly attributable to cash generated from operations of $6 7 . 6 million, partially offset by capital expenditure of $11.2 million and a foreign exchange gain of $0.3 million.
Operational Performance
| Unit | 2025 6 months to 30 June |
2024 6 months to 30 June |
Variance (%) | 2024 Year Ended 31 December |
|
| FFB production | ('000 mt) | 530.4 | 494.9 | +7% | 1,019.9 |
| Mature plantation | ('000 ha) | 61.5 | 61.1 | +1% | 57.2 |
| FFB Yield | (mt/ha) | 9.1 | 8.5 | +7% | 17.8 |
| Mill FFB processed | ('000 mt) | 1,085.3 | 936.5 | +16% | 1,960.8 |
| Internal FFB source | ('000 mt) | 491.8 | 473.2 | +4% | 971.9 |
| External FFB source | ('000 mt) | 593.5 | 463.3 | +28% | 988.9 |
| CPO production | ('000 mt) | 214.3 | 191.2 | +12% | 396.7 |
| PK production | ('000 mt) | 52.7 | 44.5 | +18% | 93.4 |
| OER | 19.7% | 20.4% | 20.2% | ||
| KER | 4.9% | 4.8% | 4.8% |
For the six months ended 30 June 2025, Fresh Fruit Bunch ( " FFB") production rose by 7%, primarily driven by improved output from matured palms across the North, Bengkulu, and Kalimantan regions.
Bought-in crops for the first half of 2025 increased by 28% compared to the same period last year. The increase in FFB purchases was primarily driven by the commencement of external crop intake at the newly commissioned HPP Mill, coupled with increased contributions from smallholders.
Overall, CPO production increased by 12% compared to the corresponding period in 2024. The Oil Extraction Rate ("OER") for the first half year was 19.7%, which was slightly lower than 20.4% as compared to the same period last year.
Development
The Group's planted areas on 30 June 2025 comprised:
| Total | Mature | Immature | |
| Ha | ha | Ha | |
| North Sumatera | 18,920 | 17,690 | 1,230 |
| Bengkulu | 16,356 | 12,468 | 3,888 |
| Riau | 4,610 | 4,605 | 5 |
| Kalimantan | 18,827 | 17,312 | 1,515 |
| Bangka | 2,797 | 2,568 | 229 |
| Plasma | 4,176 | 3,422 | 754 |
| Indonesia | 65,686 | 58,065 | 7,621 |
| Malaysia | 3,414 | 3,414 | - |
| Total: 30 June 2025 | 69,100 | 61,479 | 7,621 |
| Total: 31 December 2024 | 69,410 | 60,106 | 9,304 |
| Total: 30 June 2024 | 68,469 | 61,095 | 7,374 |
The Group remains committed to its strategic replanting programme, targeting the replacement of ageing and Dura palms with higher-yielding Tenera seedlings to enhance long-term productivity and improve crude palm oil ("CPO") extraction rates. In line with this objective, the Group completed 768 hectares of new planting and replanting in the first half of 2025, along with 138 hectares of Plasma planting. These efforts will continue to support the Group's sustainable growth and operational efficiency in the coming years.
Earthwork for the 8th mill at the KAP Estate in Kalimantan commenced in January 2025 and is expected to be completed by October 2025. As of July 2025, approximately 57% of the earthwork for the mill area has been completed. The new KAP mill is scheduled for commissioning in December 2026.
Dividend and Share Buyback
The final dividend of 51.0 cents per share in respect of the year ended 31 December 2024 was paid on 18 July 2025.
The Board will declare an interim dividend by the end of the third quarter of this year. The exact quantum is to be confirmed in due course.
During the period, the Group repurchased 94,172 ordinary shares pursuant to the share buyback programme announced on 20 March 2025.
Our last 12-months earnings per share (unaudited) is 224cts (163p). Based on our £9.62 closing price on 8 August 2025 and net cash per share of $6.20 (£4.52), our price-to-earnings and enterprise value-to-earnings ratios are 5.9x and 3.1x, respectively. The Board believes that the Group has strong fundamentals and growth potential to carry out effective capital management, including share buyback.
The Board is pleased to announce that it will commence a new share buyback programme (the "Programme") with effect from 11 August 2025. The Programme will have a quantum of up to £8 million (in aggregate) to be used to buy back AEP's ordinary shares of 25 pence each in the market over the course of the period from the date of this announcement until 30 June 2026 or, if earlier, on the date of the Company's 2026 AGM.
Outlook
CPO prices are expected to stay firm for the remaining months of 2025, bolstered by India's reduction in import duties from 20% to 10%, which has improved price competitiveness and triggered increased buying activity in the major consuming market. Furthermore, in Indonesia, d omestic demand for CPO continues to strengthen, driven by industrial consumption under the newly implemented B40 biodiesel mandate.
Geopolitical tensions have added caution to global vegetable oil markets, contributing to a modest rise in risk premiums. This environment is supporting steady demand for alternative fuels, which in turn helps sustain CPO's attractiveness and price stability.
We remain confident in the long-term demand fundamentals for CPO and expect satisfactory financial performance for the remaining months of 2025.
Condensed Consolidated Income Statement
| Notes | 2025 6 months to 30 June (unaudited) |
2024 6 months to 30 June (unaudited) |
2024 Year to 31 December (audited) |
|||
| $000 | $000 | $000 | ||||
| Revenue | 3 | 230,466 | 166,100* | 372,263 | ||
| Cost of sales | (168,043) | (132,203) | (286,583) | |||
| Changes in fair value of biological assets | 416 | 1,764 | 2,942 | |||
| Gross profit | 62,839 | 35,661 | 88,622 | |||
| Administration expenses | (4,699) | (4,629) | (8,980) | |||
| Other income | 732 | 615* | 1,094 | |||
| Impairment loss | - | - | (133) | |||
| Gain arising from fair value | 297 | 514 | 1,131 | |||
| Operating profit | 59,169 | 32,161 | 81,734 | |||
| Exchange gains | 266 | 721 | 1,056 | |||
| Finance income | 4 | 3,141 | 2,390 | 5,365 | ||
| Finance expense | 4 | (25) | (35) | (65) | ||
| Profit before tax | 5 | 62,551 | 35,237 | 88,090 | ||
| Tax expense | 6 | (13,748) | (7,330) | (20,478) | ||
| Profit for the period | 48,803 | 27,907 | 67,612 | |||
| Profit for the period attributable to: | ||||||
| - Owners of the parent | 48,660 | 27,870 | 67,514 | |||
| - Non-controlling interests | 143 | 37 | 98 | |||
| 48,803 | 27,907 | 67,612 | ||||
| Earnings per share for profit attributable to the owners of the parent during the period | ||||||
| - basic and diluted | 8 | 123.36cts | 70.50cts | 170.88cts | ||
*In June 2024, $615,000 was reclassified from revenue to other income to better reflect its nature (refer to Note 3).
Condensed Consolidated Statement of Comprehensive Income
| 2025 | (Restated) 2024 |
2024 | |
| 6 months | 6 months | Year | |
| to 30 June | to 30 June * | to 31 December | |
| (unaudited) | (unaudited) | (audited) | |
| $000 | $000 | $000 | |
| Profit for the period | 48,803 | 27,907 | 67,612 |
| Other comprehensive loss: | |||
| Items may be reclassified to profit or loss: | |||
| Loss on exchange translation of foreign operations | (1,538) | (31,629) | (23,184) |
| Net other comprehensive loss may be reclassified to profit or loss | (1,538) | (31,629) | (23,184) |
| Items not to be reclassified to profit or loss: | |||
| Remeasurement of retirement benefits plan, net of tax | - | 9 | 378 |
| Net other comprehensive income not being reclassified to profit or loss | - | 9 | 378 |
| Total other comprehensive loss for the period, net of tax | (1,538) | (31,620) | (22,806) |
| Total comprehensive income/(loss) for the period | 47,265 | (3,713) | 44,806 |
| Attributable to: | |||
| - Owners of the parent | 46,897 | (3,666) | 44,612 |
| - Non-controlling interests | 368 | (47) | 194 |
| 47,265 | (3,713) | 44,806 |
* The prior year's restatement details are disclosed in note 1 0 .
Condensed Consolidated Statement of Financial Position
| 2025 | (Restated) 2024 |
2024 | ||
| Notes | as at 30 June | as at 30 June * | as at 31 December | |
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| Non-current assets | ||||
| Property, plant and equipment | 272,276 | 261,119 | 271,170 | |
| Investments | 9 | 9,405 | 37,666 | 5,111 |
| Receivables | 21,007 | 19,556 | 19,363 | |
| Deferred tax assets | 1,991 | 2,328 | 1,900 | |
| 304,679 | 320,669 | 297,544 | ||
| Current assets | ||||
| Inventories | 23,604 | 16,207 | 18,767 | |
| Income tax receivables | 18,316 | 19,003 | 18,316 | |
| Other tax receivables | 29,002 | 35,083 | 43,749 | |
| Biological assets | 8,448 | 6,758 | 8,057 | |
| Trade and other receivables | 8,078 | 8,987 | 7,062 | |
| Investments | 9 | 18,000 | 2,911 | 23,976 |
| Short-term investments | - | 881 | 1,253 | |
| Cash and cash equivalents | 244,697 | 149,911 | 181,908 | |
| 350,145 | 239,741 | 303,088 | ||
| Total assets | 654,824 | 560,410 | 600,632 | |
| Current liabilities | ||||
| Trade and other payables | (27,118) | (27,177) | (21,403) | |
| Income tax liabilities | (5,466) | (3,014) | (5,466) | |
| Other tax liabilities | (3,142) | (959) | (1,201) | |
| Dividend payables | (20,137) | (5,962) | (46) | |
| Lease liabilities | (249) | (227) | (307) | |
| (56,112) | (37,339) | (28,423) | ||
| Net current assets | 294,033 | 202,402 | 274,665 | |
| Non-current liabilities | ||||
| Deferred tax liabilities | (2,401) | (513) | (2,225) | |
| Retirement benefits - net liabilities | (11,168) | (11,500) | (11,073) | |
| Lease liabilities | (392) | (719) | (453) | |
| (13,961) | (12,732) | (13,751) | ||
| Net assets | 584,751 | 510,339 | 558,458 | |
| Issued capital and reserves attributable to owners of the parent | ||||
| Share capital | 15,504 | 15,504 | 15,504 | |
| Treasury shares | (3,368) | (2,487) | (2,487) | |
| Share premium | 23,935 | 23,935 | 23,935 | |
| Capital redemption reserve | 1,087 | 1,087 | 1,087 | |
| Exchange reserves | (366,165) | (372,725) | (364,402) | |
| Retained earnings | 905,963 | 838,096 | 877,394 | |
| 576,956 | 503,410 | 551,031 | ||
| Non-controlling interests | 7,795 | 6,929 | 7,427 | |
| Total equity | 584,751 | 510,339 | 558,458 |
* The prior year's restatement details are disclosed in note 10.
Condensed Consolidated Statement of Changes in Equity
| Attributable to owners of the parent | ||||||||||||
| Share capital |
Treasury shares |
Share premium |
Capital redemption reserve |
Exchange Reserves |
Retained earnings |
Total | Non-controlling interests |
Total equity |
||||
| Note | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |||
| Balance at 31 December 2023 | 15,504 | (1,847) | 23,935 | 1,087 | (341,180) | 816,140 | 513,639 | 6,976 | 520,615 | |||
| Items of other comprehensive (loss)/income: | ||||||||||||
| -Remeasurement of retirement benefits plan, net of tax | - | - | - | - | - | 378 | 378 | - | 378 | |||
| -Loss on exchange translation of foreign operations | - | - | - | - | (23,280) | - | (23,280) | 96 | (23,184) | |||
| Total other comprehensive (loss)/income | - | - | - | - | (23,280) | 378 | (22,902) | 96 | (22,806) | |||
| Profit for the year | - | - | - | - | - | 67,514 | 67,514 | 98 | 67,612 | |||
| Total comprehensive (loss)/income for the year | - | - | - | - | (23,280) | 67,892 | 44,612 | 194 | 44,806 | |||
| Acquisition of non-controlling interests | - | - | - | - | 58 | (715) | (657) | 257 | (400) | |||
| Share buy back | - | (640) | - | - | - | - | (640) | - | (640) | |||
| Dividends paid | - | - | - | - | - | (5,923) | (5,923) | - | (5,923) | |||
| Balance at 31 December 2024 | 15,504 | (2,487) | 23,935 | 1,087 | (364,402) | 877,394 | 551,031 | 7,427 | 558,458 | |||
| Items of other comprehensive (loss)/income: | ||||||||||||
| -Remeasurement of retirement benefits plan, net of tax | - | - | - | - | - | - | - | - | - | |||
| -(Loss)/income on exchange translation of foreign operations | - | - | - | - | (1,763) | - | (1,763) | 225 | (1,538) | |||
| Total other comprehensive (loss)/income | - | - | - | - | (1,763) | - | (1,763) | 225 | (1,538) | |||
| Profit for the period | - | - | - | - | - | 48,660 | 48,660 | 143 | 48,803 | |||
| Total comprehensive (loss)/income for the period | - | - | - | - | (1,763) | 48,660 | 46,897 | 368 | 47,265 | |||
| Share buy back | - | (881) | - | - | - | - | (881) | - | (881) | |||
| Dividends payable | - | - | - | - | - | (20,091) | (20,091) | - | (20,091) | |||
| Balance at 30 June 2025 | 15,504 | (3,368) | 23,935 | 1,087 | (366,165) | 905,963 | 576,956 | 7,795 | 584,751 |
| Attributable to owners of the parent | |||||||||||
| Share capital |
Treasury shares |
Share premium |
Capital redemption reserve |
Exchange reserves |
Retained earnings |
Total | Non-controlling interests |
Total Equity |
|||
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |||
| Balance at 31 December 2023 | 15,504 | (1,847) | 23,935 | 1,087 | (341,180) | 816,140 | 513,639 | 6,976 | 520,615 | ||
| Items of other comprehensive (loss)/ income: | |||||||||||
| -Remeasurement of retirement benefits plan, net of tax | - | - | - | - | - | 9 | 9 | - | 9 | ||
| -Loss on exchange translation of foreign operations | - | - | - | - | (31,545) | - | (31,545) | (84) | (31,629) | ||
| Total other comprehensive (loss)/income | - | - | - | - | (31,545) | 9 | (31,536) | (84) | (31,620) | ||
| Profit for the period | - | - | - | - | - | 27,870 | 27,870 | 37 | 27,907 | ||
| Total comprehensive income for the period | - | - | - | - | (31,545) | 27,879 | (3,666) | (47) | (3,713) | ||
| Acquisition of non-controlling interests | - | (640) | - | - | - | - | (640) | - | (640) | ||
| Dividends payable | - | - | - | - | - | (5,923) | (5,923) | - | (5,923) | ||
| Balance at 30 June 2024 (after restatement) | 15,504 | (2,487) | 23,935 | 1,087 | (372,725) | 838,096 | 503,410 | 6,929 | 510,339 |
Condensed Consolidated Statement of Cash Flows
| 2025 | 2024 | 2024 | |||
| 6 months | 6 months | Year | |||
| to 30 June | to 30 June | to 31 December | |||
| (unaudited) | (unaudited) | (audited) | |||
| $000 | $000 | $000 | |||
| Cash flows from operating activities | |||||
| Profit before tax | 62,551 | 35,237 | 88,090 | ||
| Adjustments for: | |||||
| Changes in fair value of biological assets | (416) | (1,764) | (2,942) | ||
| Gain on disposal of property, plant and equipment | (68) | (18) | (380) | ||
| Depreciation | 9,226 | 8,164 | 18,986 | ||
| Retirement benefit provisions | 1,020 | 1,002 | 2,764 | ||
| Finance income | (3,141) | (2,390) | (5,365) | ||
| Finance expense | 25 | 35 | 65 | ||
| Unrealised (gain)/loss in foreign exchange | (58) | (721) | 31 | ||
| Gain arising from fair value | (297) | (514) | (1,131) | ||
| Property, plant and equipment written off | - | 242 | 451 | ||
| Impairment losses | - | - | 133 | ||
| Provision/(Reversal) for expected credit loss | 4 | (1) | (9) | ||
| Operating cash flows before changes in working capital | 68,846 | 39,272 | 100,693 | ||
| Increase in inventories | (4,857) | (578) | (2,907) | ||
| (Increase)/Decrease in non-current, trade and other receivables | (3,889) | 1,254 | 5,588 | ||
| Increase/(Decrease) in trade and other payables | 5,826 | 2,449 | (5,059) | ||
| Cash inflows from operations | 65,926 | 42,397 | 98,315 | ||
| Retirement benefits paid | (881) | (222) | (1,984) | ||
| Overseas tax refund/(paid) | 2,601 | (7,404) | (22,384) | ||
| Net cash flows generated from operating activities | 67,646 | 34,771 | 73,947 | ||
| Investing activities | |||||
| Property, plant and equipment | |||||
| - purchases | (11,238) | (12,034) | (29,013) | ||
| - sales | 228 | 23 | 872 | ||
| Interest received | 3,141 | 2,390 | 5,365 | ||
| Increase in receivables from cooperatives under plasma scheme | (382) | (1,550) | (5,010) | ||
| Repayment from cooperatives under plasma scheme | 915 | 1,042 | 2,689 | ||
| Investment in investment portfolio | (30,018) | (30,028) | (45,990) | ||
| Disposal of investment portfolio | 31,997 | - | 28,069 | ||
| Placement of fixed deposits with original maturity of more than three months | - | (881) | (1,253) | ||
| Withdrawal of fixed deposits with original maturity of more than three months | 1,253 | 14,076 | 14,076 | ||
| Net cash used in investing activities | (4,104) | (26,962) | (30,195) | ||
| Financing activities | |||||
| Dividends paid to the holders of the parent | - | (2) | (5,918) | ||
| Repayment of lease liabilities - principal | (155) | (160) | (340) | ||
| Repayment of lease liabilities - interest | (25) | (35) | (65) | ||
| Acquisition of non-controlling interests | - | - | (400) | ||
| Share buy back | (881) | (640) | (640) | ||
| Net cash used in financing activities | (1,061) | (837) | (7,363) | ||
| Net increase in cash and cash equivalents | 62,481 | 6,972 | 36,389 | ||
| Cash and cash equivalents | |||||
| At beginning of period | 181,908 | 152,984 | 152,984 | ||
| Exchange gain/(loss) | 308 | (10,045) | (7,465) | ||
| At end of period | 244,697 | 149,911 | 181,908 | ||
| Comprising: | |||||
| Cash at end of period | 244,697 | 149,911 | 181,908 | ||
Notes to the interim statements
1. Basis of preparation of interim financial statements
These interim consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board ('IASB') and as adopted by the United Kingdom . They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 Annual Report. The financial information for the half years ended 30 June 2025 and 30 June 2024 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and has been neither audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.
Basis of preparation
The annual financial statements of Anglo-Eastern Plantations Plc are prepared in accordance with UK adopted International Accounting Standards. The comparative financial information for the year ended 31 December 2024 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2024 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2024 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under Sections 498(2) or 498(3) of the Companies Act 2006.
The Directors have a reasonable expectation, having made the appropriate enquiries, that the Group has control of the monthly cashflows and that the Group has sufficient cash resources to cover the fixed cashflows for a period of at least 12 months from the date of approval of this interim report. For these reasons, the Directors adopted a going concern basis in the preparation of the interim report. The Directors have made this assessment after consideration of the Group's budgeted cash flows and related assumptions including appropriate stress testing of identified uncertainties. Stress testing of other identified uncertainties was undertaken on primarily commodity prices and currency exchange rates.
Changes in accounting standards
The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the Group's latest annual audited financial statements.
- Foreign exchange
| 2025 | 2024 | 2024 | ||
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 December | ||
| (unaudited) | (unaudited) | (audited) | ||
| Closing exchange rates | ||||
| Rp : $ | 16,233 | 16,421 | 16,162 | |
| $ : £ | 1.37 | 1.26 | 1.25 | |
| RM : $ | 4.22 | 4.72 | 4.47 | |
| Average exchange rates | ||||
| Rp : $ | 16,428 | 15,901 | 15,847 | |
| $ : £ | 1.30 | 1.26 | 1.28 | |
| RM : $ | 4.38 | 4.73 | 4.57 |
3. Revenue
Disaggregation of Revenue
The Group has disaggregated revenue into various categories in the following table which is intended to:
• Depict how the nature, amount and uncertainty of revenue and cash flows are affected by timing of revenue recognition; and
• Enable users to understand the relationship with revenue segment information provided in note 5.
There is no right of return and warranty provided to the customers on the sale of products and services rendered.
| 6 months to 30 June 2025 | CPO and palm kernel | FFB | Rubber | Shell nut | Biogas products | Others | Total |
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
| Contract counterparties | |||||||
| Government | - | - | - | 219 | - | 219 | |
| Non-government - Wholesalers |
219,812 | 7,659 | - | 2,772 | - | 4 | 230,247 |
| 219,812 | 7,659 | - | 2,772 | 219 | 4 | 230,466 | |
| Timing of transfer of goods | |||||||
| Delivery to customer premises | 7,659 | - | - | - | - | 7,659 | |
| Delivery to port of departure | 35,885 | - | - | - | - | - | 35,885 |
| Customers collect from our mills/estates | 183,927 | - | - | 2,772 | - | - | 186,699 |
| Upon generation/others | - | - | - | - | 219 | 4 | 223 |
| 219,812 | 7,659 | - | 2,772 | 219 | 4 | 230,466 |
| 6 months to 30 June 2024 | CPO and palm kernel | FFB | Rubber | Shell nut | Biogas products | Others | Total |
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
| Contract counterparties | |||||||
| Government | - | - | - | - | 389 | - | 389 |
| Non-government - Wholesalers |
160,092 | 3,780 | 106 | 1,730 | - | 3* | 165,711* |
| 160,092 | 3,780 | 106 | 1,730 | 389 | 3* | 166,100* | |
| Timing of transfer of goods | |||||||
| Delivery to customer premises | - | 3,780 | 106 | - | - | - | 3,886 |
| Delivery to port of departure | 32,411 | - | - | - | - | - | 32,411 |
| Customers collect from our mills/estates | 127,681 | - | - | 1,730 | - | - | 129,411 |
| Upon generation/others | - | - | - | - | 389 | 3* | 392* |
| 160,092 | 3,780 | 106 | 1,730 | 389 | 3* | 166,100* |
*The Group has reclassified $615,000 from Revenue to Other Income for the period ended 30 June 2024 to be in line with FY2024.
| Year to 31 December 2024 | CPO and palm kernel | FFB | Rubber | Shell nut | Biogas products | Others | Total |
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
| Contract counterparties | |||||||
| Government | - | - | - | 637 | - | 637 | |
| Non-government - Wholesalers |
358,745 | 8,923 | 112 | 3,840 | - | 6 | 371,626 |
| 358,745 | 8,923 | 112 | 3,840 | 637 | 6 | 372,263 | |
| Timing of transfer of goods | |||||||
| Delivery to customer premises | - | 8,923 | 112 | - | - | - | 9,035 |
| Delivery to port of departure | 74,767 | - | - | - | - | - | 74,767 |
| Customers collect from our mills/estates | 283,978 | - | - | 3,840 | - | - | 287,818 |
| Upon generation/others | - | - | - | - | 637 | 6 | 643 |
| 358,745 | 8,923 | 112 | 3,840 | 637 | 6 | 372,263 |
4. Finance income and expense
| 2025 | 2024 | 2024 | ||
| 6 months | 6 months | Year | ||
| to 30 June | to 30 June | to 31 December | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| Finance income | ||||
| Interest receivable on: | ||||
| Credit bank balances and time deposits | 3,141 | 2,390 | 5,365 | |
| Finance expense | ||||
| Interest payable on: | ||||
| Interest expense in lease liabilities | (25) | (35) | (65) | |
| Net finance income recognised in income statement | 3,116 | 2,355 | 5,300 |
5. Segment information
| North Sumatera |
Bengkulu | Riau | Bangka | Kalimantan | Total Indonesia | Malaysia | UK | Total | |||
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |||
| 6 months to 30 June 2025 (unaudited) | |||||||||||
| Total sales revenue (all external) | |||||||||||
| - CPO and palm kernel | 85,026 | 72,411 | 31,663 | - | 30,712 | 219,812 | - | - | 219,812 | ||
| - FFB | - | - | - | 3,141 | 2,944 | 6,085 | 1,574 | - | 7,659 | ||
| - Shell nut | 1,257 | 764 | 742 | - | 9 | 2,772 | - | - | 2,772 | ||
| - Biogas products | 3 | 70 | - | - | 146 | 219 | - | - | 219 | ||
| - Others | - | - | - | - | - | - | 4 | - | 4 | ||
| Total revenue | 86,286 | 73,245 | 32,405 | 3,141 | 33,811 | 228,888 | 1,578 | - | 230,466 | ||
| Profit/(loss) before tax for the period per consolidated income statement | 28,014 | 13,286 | 8,860 | 900 | 11,826 | 62,886 | 58 | (393) | 62,551 | ||
| Finance income | 1,776 | 569 | 328 | 1 | 59 | 2,733 | 371 | 37 | 3,141 | ||
| Finance expense | (6) | - | - | - | - | (6) | (10) | (9) | (25) | ||
| Depreciation | (3,435) | (1,774) | (357) | (296) | (3,140) | (9,002) | (163) | (61) | (9,226) | ||
| Impairment losses | - | - | - | - | - | - | - | - | - | ||
| (Provision)/Reversal for expected credit loss | (1) | (2) | - | - | (1) | (4) | - | - | (4) | ||
| Inter-segment transactions | 2,927 | (1,343) | (385) | (225) | (1,516) | (542) | 532 | 10 | - | ||
| Inter-segmental revenue | 12,570 | 1,918 | - | - | 5,651 | 20,139 | - | - | 20,139 | ||
| Tax (expense)/credit | (6,820) | (2,684) | (1,833) | (136) | (2,144) | (13,617) | (130) | (1) | (13,748) | ||
| Total assets | 274,932 | 124,425 | 47,489 | 20,560 | 151,959 | 619,365 | 15,946 | 19,513 | 654,824 | ||
| Property, plant and equipment | 79,172 | 54,094 | 7,925 | 16,939 | 105,464 | 263,594 | 8,238 | 444 | 272,276 | ||
| Property, plant and equipment - additions |
2,483 | 3,864 | 149 | 469 | 3,826 | 10,791 | 315 | 51 | 11,157 | ||
| Total liabilities | (19,740) | (13,661) | (5,660) | (513) | (9,370) | (48,944) | (693) | (20,436) | (70,073) | ||
| North Sumatera |
Bengkulu | Riau | Bangka | Kalimantan | Total Indonesia | Malaysia | UK | Total | |||
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |||
| 6 months to 30 June 2024 (unaudited) | |||||||||||
| Total sales revenue (all external) | |||||||||||
| - CPO and palm kernel | 58,336 | 44,025 | 26,263 | - | 31,468 | 160,092 | - | - | 160,092 | ||
| - FFB | - | - | - | 1,792 | 716 | 2,508 | 1,272 | - | 3,780 | ||
| - Rubber | 106 | - | - | - | - | 106 | - | - | 106 | ||
| - Shell nut | 491 | 660 | 552 | - | 27 | 1,730 | - | - | 1,730 | ||
| - Biogas products | 74 | 137 | - | - | 178 | 389 | - | - | 389 | ||
| - Others | - | - | - | - | - | - | 3 | - | 3 | ||
| Total revenue | 59,007 | 44,822 | 26,815 | 1,792 | 32,389 | 164,825 | 1,275 | - | 166,100 | ||
| Profit/(loss) before tax for the period per consolidated income statement | 17,527 | 5,440 | 5,689 | (269) | 7,630 | 36,017 | (264) | (516) | 35,237 | ||
| Finance income | 1,530 | 412 | 390 | 1 | 34 | 2,367 | 20 | 3 | 2,390 | ||
| Finance expense | (14) | - | - | - | - | (14) | (11) | (10) | (35) | ||
| Depreciation | (3,246) | (1,141) | (161) | (350) | (3,092) | (7,990) | (131) | (43) | (8,164) | ||
| Impairment losses | - | - | - | - | - | - | - | - | - | ||
| (Provision)/Reversal for expected credit loss | (4) | - | - | - | 5 | 1 | - | - | 1 | ||
| Inter-segment transactions | 3,264 | (1,397) | (401) | (226) | (1,524) | (284) | 274 | 10 | - | ||
| Inter-segmental revenue | 10,884 | 1,768 | - | - | 6,338 | 18,990 | - | - | 18,990 | ||
| Tax (expense)/credit | (4,213) | (748) | (1,222) | 109 | (1,186) | (7,260) | (69) | (1) | (7,330) | ||
| Total assets | 232,303 | 110,017 | 44,777 | 18,241 | 140,741 | 546,079 | 10,042 | 4,289 | 560,410 | ||
| Property, plant and equipment | 79,319 | 48,861 | 7,913 | 15,843 | 101,350 | 253,286 | 7,380 | 453 | 261,119 | ||
| Property, plant and equipment - additions |
2,582 | 4,317 | 388 | 571 | 3,577 | 11,435 | 165 | 155 | 11,755 | ||
| Total liabilities | (18,182) | (11,020) | (4,755) | (276) | (8,874) | (43,107) | (673) | (6,291) | (50,071) | ||
| North Sumatera |
Bengkulu | Riau | Bangka | Kalimantan | Total Indonesia | Malaysia | UK | Total | |
| $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 | |
| Year to 31 December 2024 (audited) | |||||||||
| Total sales revenue (all external) | |||||||||
| - CPO and palm kernel | 134,013 | 96,639 | 59,405 | - | 68,688 | 358,745 | - | - | 358,745 |
| - FFB | - | - | - | 3,212 | 2,821 | 6,033 | 2,890 | - | 8,923 |
| - Rubber | 112 | - | - | - | - | 112 | - | - | 112 |
| - Shell nut | 1,281 | 1,148 | 1,368 | - | 43 | 3,840 | - | - | 3,840 |
| - Biogas products | 87 | 216 | - | - | 334 | 637 | - | - | 637 |
| - Others | - | - | - | - | - | - | 6 | - | 6 |
| Total revenue | 135,493 | 98,003 | 60,773 | 3,212 | 71,886 | 369,367 | 2,896 | - | 372,263 |
| Profit/(loss) before tax for the year per consolidated income statement | 43,663 | 11,281 | 13,351 | (731) | 22,941 | 90,505 | (857) | (1,558) | 88,090 |
| Finance income | 3,569 | 877 | 792 | 3 | 70 | 5,311 | 49 | 5 | 5,365 |
| Finance expense | (22) | - | - | - | - | (22) | (23) | (20) | (65) |
| Depreciation | (7,281) | (3,703) | (831) | (598) | (6,200) | (18,613) | (277) | (96) | (18,986) |
| Impairment losses | - | - | - | - | - | - | (133) | - | (133) |
| (Provision)/Reversal for expected credit loss | (4) | 1 | - | (1) | 13 | 9 | - | - | 9 |
| Inter-segment transactions | 6,354 | (2,804) | (802) | (455) | (3,059) | (766) | 715 | 51 | - |
| Inter-segmental revenue | 23,812 | 2,489 | - | - | 12,899 | 39,200 | - | - | 39,200 |
| Tax (expense)/credit | (11,607) | (1,723) | (3,066) | 268 | (4,180) | (20,308) | (167) | (3) | (20,478) |
| Total assets | 251,963 | 113,498 | 40,488 | 20,079 | 145,586 | 571,614 | 25,259 | 3,759 | 600,632 |
| Property, plant and equipment | 80,473 | 52,375 | 8,171 | 16,838 | 105,239 | 263,096 | 7,621 | 453 | 271,170 |
| Property, plant and equipment - additions |
7,021 | 9,823 | 1,199 | 1,576 | 9,009 | 28,628 | 287 | 208 | 29,123 |
| Total liabilities | (16,097) | (11,222) | (5,164) | (534) | (7,624) | (40,641) | (865) | (668) | (42,174) |
In the 6 months to 30 June 2025, revenue from 4 customers of the Indonesian segment represent approximately $102.0m (H1 2024: $84.5m) of the Group's total revenue. In the year 2024, revenue from 4 customers of the Indonesian segment represent approximately $165.8m of the Group's total revenue. An analysis of this revenue is provided below. Although Customers 1 to 2 each contribute over 10% of the Group's total revenue, there was no over reliance on these Customers as tenders were performed on a weekly basis. Two of the top four customers were the same as in the year to 31 December 2024.
| 2025 | 2024 | 2024 | ||||
| 6 months | 6 months | Year | ||||
| to 30 June | to 30 June | to 31 December | ||||
| (unaudited) | (unaudited) | (audited) | ||||
| $m | % | $m | % | $m | % | |
| Major Customers | ||||||
| Customer 1 | 51.2 | 22.2 | 32.3 | 19.3 | 84.7 | 22.8 |
| Customer 2 | 19.1 | 8.3 | 24.6 | 14.8 | 31.8 | 8.5 |
| Customer 3 | 16.5 | 7.2 | 16.4 | 9.9 | 26.4 | 7.1 |
| Customer 4 | 15.2 | 6.6 | 11.2 | 6.7 | 22.9 | 6.1 |
| Total | 102.0 | 44.3 | 84.5 | 50.7 | 165.8 | 44.5 |
6. Tax expense
| 2025 | (Restated) 2024 |
2024 | |
| 6 months | 6 months | Year | |
| to 30 June | to 30 June | to 31 December | |
| (unaudited) | (unaudited) | (audited) | |
| $000 | $000 | $000 | |
| Foreign corporation tax - current year | 13,468 | 7,924 | 18,163 |
| Foreign corporation tax - prior year | 204 | 39 | 828 |
| Deferred tax adjustment - origination and reversal of temporary differences | 76 | (633) | 1,628 |
| Deferred tax - prior year | - | - | (141) |
| 13,748 | 7,330 | 20,478 |
Corporation tax rate in Indonesia is at 22% (H1 2024: 22%, 2024: 22%) whereas Malaysia is at 24% (H1 2024: 24%, 2024: 24%). The standard rate of corporation tax in the UK for the current year is 25% (H1 2024: 25%, 2024: 25%).
7. Dividend
No interim dividend in respect of 2024. (2023: 15.0 cents per share, or $5,944,516 paid on 6 October 2023).
The final dividend in respect of 2024, amounting to 51.0 cents per share, or $20,091,155 was paid on 18 July 2025 (2023: 15.0 cents per share, or $5,923,289 paid on 12 July 2024).
8. Earnings per ordinary share ("EPS")
| 2025 | 2024 | 2024 | |
| 6 months | 6 months | Year | |
| to 30 June | to 30 June | to 31 December | |
| (unaudited) | (unaudited) | (audited) | |
| $000 | $000 | $000 | |
| Earnings used in basic and diluted EPS | 48,660 | 27,870 | 67,514 |
| Number | Number | Number | |
| '000 | '000 | '000 | |
| Weighted average number of shares in issue in the period | |||
| - used in basic EPS | 39,445 | 39,532 | 39,510 |
| - dilutive effect of outstanding share options | - | - | - |
| - used in diluted EPS | 39,445 | 39,532 | 39,510 |
| Basic and diluted EPS | 123.36cts | 70.50cts | 170.88cts |
9. Investments
The breakdown for the investments is split between current and non-current based on the maturity of the investments as follows:
| 2025 | 2024 | 2024 | ||
| as at 30 June | as at 30 June | As at 31 December | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| Non-current | 9,405 | 37,666 | 5,111 | |
| Current | 18,000 | 2,911 | 23,976 | |
| 27,405 | 40,577 | 29,087 |
The movement of the fair value through profit and loss investment is as follows:
| 2025 | 2024 | 2024 | ||
| as at 30 June | as at 30 June | As at 31 December | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| 1 January | 29,087 | 10,035 | 10,035 | |
| Additions | 30,018 | 30,028 | 45,990 | |
| Disposal | (31,997) | - | (28,069) | |
| Change in fair value recognised in profit and loss | 297 | 514 | 1,131 | |
| 27,405 | 40,577 | 29,087 |
Fair value through profit and loss financial assets includes the following:
| 2025 | 2024 | 2024 | ||
| as at 30 June | as at 30 June | As at 31 December | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| Quoted: | ||||
| Equity securities - United Kingdom | 35 | 33 | 27 | |
| Bonds - Indonesia | 18,000 | 30,189 | 18,014 | |
| Treasury Bills - United States | - | - | 5,962 | |
| Bond - Singapore | 4,000 | - | - | |
| Unquoted: | ||||
| Investment portfolio - Luxembourg | 5,370 | 10,355 | 5,084 | |
| 27,405 | 40,577 | 29,087 |
Fair value through profit and loss financial assets are denominated in the following currencies:
| 2025 | 2024 | 2024 | ||
| as at 30 June | as at 30 June | As at 31 December | ||
| (unaudited) | (unaudited) | (audited) | ||
| $000 | $000 | $000 | ||
| Currency | ||||
| Sterling | 35 | 33 | 27 | |
| US Dollar | 27,370 | 10,355 | 29,060 | |
| Indonesian Rupiah | - | 30,189 | - | |
| 27,405 | 40,577 | 29,087 |
The fair value of investment for quoted equity securities is classified as Level 1 in the fair value hierarchy and fair value of investment for unquoted investment portfolio is classified as Level 2.
The valuation inputs for quoted equity securities are obtained from the active market while for unquoted investment portfolio is obtained from the custodian bank. For investment portfolios subject to capital protection arrangements, where the fair value was below the original cost, the Group historically recognised these investments at cost, relying on the capital protection feature to guarantee recovery of the initial investment amount. In 2025 and 2024, the fair value of the investment portfolio has risen above cost.
10. Prior year restatement
Nature of the Restatement on 30 June 2024
In the 2023 financial statements, the Group recognised a deferred tax asset in relation to capital losses incurred in Indonesia. This recognition was based on management's interpretation of the Indonesian Income Tax Law, which was understood to permit capital losses arising from trading assets to be offset against future taxable profits.
However, during a reassessment undertaken in the 2024 financial year, management concluded that the recognition did not satisfy the criteria under IAS 12 Income Taxes and relevant Indonesian tax regulations. As such, a prior period error was identified, and the Group restated its comparative financial information in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to reflect the appropriate accounting treatment.
In addition, the Group identified and corrected the following additional accounting misstatements:
- A historical error in the recognition of deferred tax assets associated with temporary differences between the accounting and tax bases of property, plant and equipment.
- The reversal of certain accruals included in trade and other payables that were deemed no longer necessary.
The effects of the restatements are summarised as follows:
| 6 months to 30 June 2024 $000 |
||
| Impact on consolidated statement of comprehensive income | ||
| Other comprehensive loss for the year before restatement | (32,307) | |
| Effect of change in restatement: | ||
| Gain on exchange translation of foreign operations | 687 | |
| Other comprehensive loss for the year after restatement | (31,620) | |
The following table summarises the impact of these prior year restatements on the Consolidated Statement of Financial Position:
| Balance as reported 30 June 2024 $000 |
Effect of restatement $000 |
Restated balance at 30 June 2024 $000 |
|
| Impact on consolidated statement of financial position | |||
| Deferred tax assets | 9,138 | (6,810) | 2,328 |
| Income tax receivables | 20,525 | (1,522) | 19,003 |
| Deferred tax liabilities | (457) | (56) | (513) |
| Trade and other payables | (27,771) | 594 | (27,177) |
| Income tax liabilities | (1,438) | (1,576) | (3,014) |
| Exchange reserves | (373,871) | 1,146 | (372,725) |
| Retained earnings | 848,612 | (10,516) | 838,096 |
11. Report and financial information
Copies of the interim report for the Group for the period ended 30 June 2025 are available on the AEP website at https://www.angloeastern.co.uk/.
Change in Board Committees
The Board would also like to announce the reconstitution of its Board Committees with immediate effect.
The composition of the Board Committees is as follows:
Audit Committee:
| Chairman | Mr Onn Kien Hoe |
| Members | Mr Michael Henry Stainer Ms F arah Suhanah Tun Ahmad Sarji |
Risk Management Committee:
| Chairman | Mr Michael Henry Stainer |
| Members | Mr Onn Kien Hoe Mr Marcus Chan Jau Chwen |
Nomination Committee:
| Chairman | Ms F arah Suhanah Tun Ahmad Sarji |
| Members | Mr Michael Henry Stainer Mr Onn Kien Hoe |
Remuneration Committee:
| Chairman | Ms F arah Suhanah Tun Ahmad Sarji |
| Members | Mr Michael Henry Stainer Mr Onn Kien Hoe |
ESG & Corporate Governance Committee:
| Chairman | Mr Marcus Chan Jau Chwen |
| Members | Ms F arah Suhanah Tun Ahmad Sarji Mr Jonathan Law Ngee Song |
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR KBLFFEVLZBBD