Palm oil plant boosts volumes
NEW Britain Palm Oil, the AIM-listed company which is the one of the world’s biggest producers of sustainable palm oil, has said that its new refinery in Liverpool produced record volumes in March as it “continues to witness month-on-month increases in capacity”.
Speaking as the firm announced that sales for the three monts to March 31 had more than doubled year-on-year to $197.6m ($82.1m), the company’s chief executive Nick Thompson also said that foundation works for its recently-announced bakery fats plant on the same site had also been completed and that the steel work was now being erected.
The plant is set to open next year.
The company said that palm oil prices had remained “robust” during the quarter, ranging between $1,100-$1,300 per tonne. It also said that supply of vegetable oils remained tight. This helped to fuel profitablity, with pre-tax profits for the three-month period climbing to $89.3m, compared with $23.3m a year ago.
