Interim statement of the SIPEF group per 30 September 2022

October 20, 2022



  • Due to rising palm oil production in the third quarter (+11.7% against the same period last year),
    production grew by 3.7% over the first nine months of the year.

  • The Group realised net sales prices more than 50% above the level of the first nine months of 2021.

  • Despite the sharp decline in vegetable oil prices on international markets, palm oil prices remain
    historically high with quotations again around USD 1 000 CIF Rotterdam per tonne. Price expectations for
    2023 also remain positive for the palm oil market.

  • Palm oil production over 2022 could reach the projected growth of over 4%, barring exceptional weather

  • With 88% of expected palm oil production sold and the prospect of continued favourable market prices,
    the Group's recurring annual results could exceed the record USD 100 million, barring unfavourable
    changes in export taxes and levies imposed by the Indonesian government.

  • The Company is moving toward a positive net financial position, despite continuing the planned expansion
    in South Sumatra.

  • The SIPEF Biodiversity Indonesia (SBI) team successfully completed a four-day training course focused on
    camera trapping to monitor the Sumatran tiger population, conducted by the Zoological Society of London

  • Over 3 600 smallholders working with Hargy Oil Palms Ltd (HOPL) in Papua New Guinea have successfully
    been recertified to the Roundtable on Sustainable Palm Oil (RSPO) standards, following audits by an
    independent certification body in August 2022.

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