The Group’s strategy is to maintain steady expansion of its majority-owned Indonesian palm-oil areas in a sustainable and cost-effective manner.

During 2023, the Group continued to execute its principal activity, being the responsible ownership, management and development of sustainable oil-palm estates in Indonesia. In line with the Group’s stated strategy of sustainable expansion, the Group acquired 2,100 planted hectares in Simpang Kiri, and 8,350 planted hectares in East Kalimantan. This additional hectarage will assist in maintaining a young average age of plantings.

Alongside its own projects, the Group also manages and develops scheme-smallholder areas attached to those estates. The Group’s objective is to continue increasing both its own crop and that from its scheme smallholders, whilst also increasing its own milling capacity, thereby increasing its output of certified sustainable palm oil. As Group areas mature, its strategy is to increase the planted hectarage controlled by it. Milling its own crop and that of its scheme smallholders in its own mills enables the Group to deploy its operational expertise to greatest effect with the aim of generating stronger returns, allowing shareholders to receive sustained increases in dividends.


majority-held hectares during 2023.

The planted area of the Group’s majority-held Indonesian estates increased during 2023 to 49,600 hectares, as a result of acquisitions and continued planting at Musi Rawas in South Sumatra.

All planting is supervised by the Group’s sustainability team, and takes place in full compliance with RSPO standards, ensuring no deforestation and that only land suitable for cultivation is developed.

The total planted area at Musi Rawas, including that planted on behalf of the Group’s associated scheme smallholders, was 10,300 hectares. Management are confident that they can work towards an expanded total area of 11,000 planted hectares by the end of 2024.

Scheme-smallholder areas associated with Group estates expanded in the year to 15,900 hectares. This followed a significant project promoted by the Group in northern Sumatra to attract independent smallholders to join new co-operative schemes. Under these schemes, the Group is providing initial funding for replanting, and crop from the newly planted areas close to Pangkatan will become a valuable new source of input to the Group’s mill there. By the end of 2023, 1,350 planted hectares were part of the co-operative arrangements in northern Sumatra. Furthermore, 1,700 scheme-smallholder hectares were included in the East Kalimantan acquisition.

The Group now has, in conjunction with its associated scheme smallholders, a total planted hectarage of 65,500 hectares.

After the acquisitions in East Kalimantan and Simpang Kiri, the Group remains committed to its growth strategy, and a number of further projects remain under review.

The Group had six palm-oil mills operating throughout the year and was able to raise the proportion of crop processed in its own efficiently and sustainably run facilities. This will increase further in 2024 as the Group’s sixth mill continues to process crop from the young, productive plantings at Musi Rawas, and as the Kota Bangun mills process crop from the newly acquired hectarage. In addition, following the acquisition of further hectarage close to Simpang Kiri referred to above, the Group will review plans to build a mill there.

Pupils and jigsaw, Bumi Mas
As part of its commitment to responsible operation and development, the Group has continued to support the well-being of its workforce across Indonesia.

Further investment has been made during the year in estate development including new and upgraded housing, more school places and more teachers, and additional recreational and community facilities on site. The Group is also seeking to increase the hectarage within its estates that is specifically designated for conservation, and is expanding its sustainability team to support this effort.

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The Group demonstrates its commitment to sustainability through its membership of the Roundtable on Sustainable Palm Oil (“RSPO”).

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A gathering acceleration in crop growth underpins our commitment to pay attractive returns to investors through increasing dividends.

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