UIE's First Quarter Report 2021
On Thursday 20 May 2021, UIE Plc. announced its First Quarter Report 2021.
Highlights from Q1:
UIE’s net result in the first quarter of 2021 amounted to USD 17.0 million, which is USD 49.3 million higher than the negative result of USD 32.3 million reported in the first quarter of 2020.
UIE’s share of UP’s net profit decreased by 4% to USD 8.8 million due to a negative contribution from UP’s refinery division caused by the timing difference of raw materials hedging positions versus physical delivery of the finished goods. UP’s plantation division reported slightly lower production volumes, but the higher selling prices of CPO and PK lead to an improved result compared to the first quarter of 2020:
- UP’s production of CPO and PK decreased by 3% and 6%, respectively.
- UP’s average selling prices of CPO and PK increased by 12% and 3%, respectively.
The fair value of UIE's investment in Schörling amounted to USD 227.8 million at the end of first quarter 2021 - an increase of USD 6.7 million or 3% since year-end 2020. For comparison, the fair value adjustment in the first quarter of 2020 was negative by USD 37.5 million as a result of the financial turbulence caused by the outbreak of the Covid-19.
The fair value of UIE’s investment in Greenbridge amounted to USD 27.4 million at the end of first quarter 2021 after a fair value increase of USD 3.2 million and an additional investment of USD 0.2 million during the first quarter.
