Interim statement of the SIPEF group per 31 March 2023
SIPEF looks forward to satisfactory recurring results
- Total Group production of palm oil increased by 2.8% compared with the first quarter of previous year.
- The palm oil market showed a stable pricing pattern throughout the first quarter at prices above
USD 1 000 per tonne CIF Rotterdam, however, but lower than last year.
- The Group’s Net Financial Position (NFP) remained positive at the end of March 2023.
- The Group confirms looking forward to satisfactory recurring results for 2023 with 39% of expected palm oil
production sold and the prospect of continued favourable market prices in the remainder of the year, without,
however, matching the record level of 2022.
- Generated cash flows are expected to cover for an extensive investment plan and working capital requirements, including dividends. At year end, the NFP should be close to zero.
- SIPEF will publish this month its first integrated annual report, covering the 2022 financial year, an important
step in the Group’s preparations for the upcoming European Corporate Sustainability Reporting Directive
- SIPEF further updated its GHG emission reduction plan this quarter by setting its target of GHG emission
reductions (Scope 1 and 2) per ton of Crude Palm Oil (CPO) at a very significant level of 28%.
- In March 2023, once again all the Group's banana production sites, including the new Akoudié and Lumen sites, were certified as 100% Rainforest Alliance and received the Rainforest Alliance Transition Certificate.