UIE's Half Year Report 2021
On Tuesday 17 August 2021, UIE Plc. announced its Half Year Report 2021.
Highlights from H1 2021:
UIE’s net result in the first half of 2021 amounted to USD 57.9 million, which is USD 41.4 million higher than the result of USD 16.5 million reported in the first half of 2020.
UIE’s share of UP’s net profit increased by 6% to USD 24.7 million, after a strong second quarter due to high crude palm oil ("CPO") prices as well as a positive contribution from UP’s refinery division. UP’s plantation division reported marginally higher production volumes for CPO, whilst significantly higher selling prices of CPO and palm kernel ("PK") led to an improved result compared to the first half of 2020:
- UP’s production of CPO increased by 2%, but production of PK decreased by 1%.
- UP’s average selling prices of CPO and PK increased by 18% and 22%, respectively.
The fair value of UIE's investment in Schörling amounted to USD 250.9 million at the end of the first half of 2021 - an increase of USD 29.8 million, or 14%, since year-end 2020. For comparison, the fair value adjustment in the first half of 2020 was USD 6.9 million negative due to the financial turbulence caused by the outbreak of the Covid-19.
The fair value of UIE’s investment in Greenbridge amounted to USD 30.5 million at the end of the first half of 2021 after a fair value increase of USD 4.1 million and an additional investment of USD 2.4 million during the first half of 2021.
