UIE's First Quarter Report 2023

On Wednesday, 17 May 2023, UIE Plc. announced its financial results for the first quarter of 2023.

Highlights from Q1 2023:

• UIE's net result was USD 32.4 million in the first quarter of 2023, which is USD 51.9 million higher than the net loss of USD 19.5 million reported in the first quarter of 2022.
• The share of UP’s net profit was USD 12.1 million in the first quarter of 2023, which was significantly higher than the USD 6.9 million reported in the first quarter of 2022. This was achieved despite a lower contribution from the plantation division. The higher net result in UP can be attributed to the refinery segment contributing with a net profit in the first quarter of 2023, compared to a net loss in the first quarter of 2022. 
• The contribution from UP’s plantation division decreased as the production volumes of crude palm oil ("CPO") and palm kernel ("PK") declined by 7% and 9% respectively (due to unfavourable weather conditions), as well as increasing production costs. Furthermore, UP’s average selling prices decreased by 3% for CPO and 33% for PK.
• UP’s refinery division contributed with positive earnings in the first quarter of 2023, elevated by a positive effect of temporary hedging gains, as opposed to the significant hedging loss incurred in the first quarter of 2022 due to timing differences of raw material hedges.
• The fair value of UIE's investment in Schörling amounted to USD 207.5 million at the end of March 2023 - an increase of USD 17.6 million, or 9%, since year-end 2022. The increase reflects a generally positive development in equity markets, including the Schörling portfolio companies. For comparison, the fair value adjustment in the first quarter of 2022 decreased by USD 29.6 million. 
• The fair value of UIE’s investment in Greenbridge amounted to USD 43.5 million at the end of March 2023. Accordingly, the fair value adjustment for the quarter amounted to a minor increase of USD 0.2 million.