On Tuesday, 21 November 2023, UIE Plc. announced its financial results for the third quarter of 2023.

Highlights from Q1-3 2023:

UIE's net result was USD 42.1 million in the first nine months of 2023, an improvement compared to the net loss of USD 67.6 million reported in the first nine months of 2022.

The share of UP's record-high net profit was USD 53.4 million in the first nine months of 2023, which was USD 5.3 million higher than the USD 48.1 million reported in the first nine months of 2022. The higher net result in UP is due to improvements in both the plantation segment and the refinery segment.

The contribution from UP's plantation division increased due to production volumes of crude palm oil ("CPO") and palm kernel ("PK") increasing by 1% and 2%, respectively, combined with UP's average selling prices increasing by 2% for CPO.

The operational and financial performance of UP's refinery division was satisfactory and contributed to higher earnings relative to the first nine months of 2022. Both reporting periods were, in addition, positively affected by hedging gains.

The fair value of UIE's investment in Schörling amounted to USD 172.1 million at the end of September 2023 - a decrease of USD 17.7 million, or 9% since year-end 2022. After a positive development in the first half of the year, a significant decline occurred in the third quarter, mainly related to the investment in Hexagon. (For the purpose of comparison, the fair value adjustment of UIE's investment in Schörling decreased by USD 98.5 million in the first nine months of 2022).

The fair value of UIE's investment in Greenbridge amounted to USD 46.7 million at the end of September 2023, which included the upward fair value adjustment for the period amounting to USD 3.4 million. (For the purpose of comparison, the fair value adjustment of UIE's investment in Greenbridge decreased by USD 8.3 million in the first nine months of 2022).

https://news.cision.com/uie-plc/r/uie-s-third-quarter-report-2023,c3878159

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