On Wednesday, 14 August 2024, UIE Plc. announced its financial results for the first half of 2024.
Highlights from H1 2024:
UIE achieved a satisfactory net result for the first six months of 2024 despite the global economic challenges posed by the highest Federal fund rates since 2001 and escalating geopolitical tensions, notably in the Middle East. This result was mainly a function of the improved production and higher average selling prices for CPO and PK, as well as lower production costs in UP.
UP
- UP reported a record net profit of MYR 320.7 million, reflecting an increase of 18% compared to the first half of 2023 due to higher sales prices and increased production of CPO. However, when measured in USD, the increase was only 13% due to a weaker MYR.
- The share of UP's net profit was USD 32.7 million in the first half of 2024, which was USD 3.6 million higher than the USD 29.1 million reported in the first half of 2023.
Schörling
- The fair value of UIE's investment in Schörling was SEK 2,413 million, representing an increase of 7% (or a gain of SEK 149 million) in the first half of 2024 compared to an increase of 18% (or a gain of SEK 347 million) in the first half of 2023.
- When measured in USD, the fair value of UIE's investment in Schörling amounted to USD 227.4 million at the end of June 2024 - an increase of USD 1.8 million since year-end 2023.
Greenbridge
- The fair value of UIE's investment in Greenbridge amounted to USD 61.0 million at the end of June 2024. This corresponds to an increase of USD 12.5 million, or 26%, since year-end 2023.
- The increase in fair value is due to UIE investing an additional USD 5.2 million as well as a fair value adjustment of USD 7.3 million, as the valuation parameters were affected positively by the general equity markets as well as continued growth within the portfolio companies.
Please download the full Half Year Report 2024 or visit UIE's website for further information.
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