On 28 February 2025, UIE Plc (UIE) announced its Annual Report 2024.
In 2024, UIE achieved a net profit of USD 75.6 million compared to the net profit of USD 120.6 million reported in 2023. Another record-high result from United Plantations Berhad (UP) was the primary driver behind UIE's net result. However, the investment in Schörling AB (Schörling) showed a negative fair value development due to the depreciation of the SEK against the USD.
UIE's Business Reporting Highlights 2024:
UP:
UP reported a record-high net profit of MYR 719.4 million due to higher average selling prices for crude palm oil and palm kernel as well as reduced production costs per tonne.
In local currency, UP's result increased by 1%. However, when measured in USD, the increase was 3% due to a stronger average exchange rate of the MYR against the USD in 2024. UIE's share of UP's result accordingly increased by 3% to USD 76.8 million in 2024.
Schörling:
The fair value of UIE's investment in Schörling amounted to USD 208.1 million at the end of 2024 - a decrease of USD 17.5 million, or 8%, since year-end 2023.
The share price development of Schörling's listed investments, ranging from a 16% decline to a 40% increase, resulted in a minor net increase of 1% in the net asset value of Schörling, when measured in SEK. However, a weakening of the SEK towards the USD led to an overall negative fair value adjustment of 8%, when measured in USD.
Greenbridge:
The fair value of UIE's investment in Greenbridge amounted to USD 61.5 million at the end of 2024. This corresponds to an increase of USD 12.9 million, or 27%, since year-end 2023.
The value increase is due to UIE investing an additional USD 5.2 million in Greenbridge and a fair value adjustment of USD 7.7 million, as a consequence of the valuation parameters being affected positively by the general equity markets and continued growth within the portfolio companies.
Other:
Other Items generated a net gain of USD 10.2 million, representing gains deriving from the liquidity reserves invested in a diversified and liquid portfolio of equities, bonds and Government Securities as well as a one-off reversal of a provision of USD 6.2 million.
For more information, please download the full Annual Report 2024 or visit UIE's website.
