On 24 February 2012, the annual results of New Britain Palm Oil Limited were announced. Highlights include a revenue increase of 69% to USD 780.1 million (2010: USD 461.2 million), and a profit before tax increase 110% to USD 275.5 million (2010: USD 131.2 million).
Antonio Monteiro De Castro, Chairman of New Britain Palm Oil Limited, commented:
“The Group has enjoyed continued success over the past year with record palm oil production and profitability. We have continued to invest in and expand our downstream refining and fractionation capacity and we are now seeing these investments deliver operational as well as financial benefits to the Group.
Production of crude palm oil rose by 24% to a record 551,657 tonnes at an extraction rate of 22.8% versus 22.4% last year. Overall, the Group processed 2.42 million tonnes of oil palm fruit in 2011, representing a 22% increment over 2010.
The Board is pleased with the continued expansion and strengthening of New Britain Palm Oil Limited’s operations and we remain well positioned to deliver further profitable growth. The robust fundamentals of the industry, together with the increasing demand for high quality, traceable and certified sustainable palm oil provide confidence for a strong future for the Group.”
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