Interim statement of the SIPEF group per 31 March 2023

April 20, 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.

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