New Britain Palm Oil saw a 10.6% increase in annual revenues as it prepares to delist from the London Stock Exchange following the acceptance of a £1.1bn bid.
The Papua New Guinea palm oil producer reported that revenues rose to $617.9m in 2014 due to an increase in total oils shipped to customers and higher prices. Profit before tax was almost six times higher, rising to $116.7m from $17.3m last year.
EBITDA doubled $191.1m from $96.8m a year ago, whole gross margin improved to 40.9% (from 34.3%) reflecting the impact of higher selling prices and continued depreciation of the Papua New Guinea Kina against the US dollar.
The firm’s Liverpool refinery recorded “strong” EBITDA growth of 19.1% year-on-year driven by gross margin expansion and increased sales volumes.
The company is in the process of a £1.1bn takeover by Malaysian-based Sime Darby after 98.8% of NBPO shareholders backed the deal.
As a result, on Wednesday the firm announced it was seeking to delist from the London Stock Exchange with an expected termination of trading from the morning of 25 March. News of the bid first emerged in October 2014.
Chairman Antonio Monteiro de Castro confirmed that the preliminary results are expected to be its final set of financial results presented to the London market.