UIE's Half Year Report 2020

On Monday 17 August 2020, UIE Plc. announced its Half Year Report 2020.

Highlights from H1:

UIE’s net result in the first half of 2020 amounted to USD 16.5 million, which is 65% lower than the USD 47.1 million reported in the first half of 2019.

The impact of the Covid-19 pandemic on the financial markets caused significant negative fair value adjustments to UIE’s investment in Schörling during the first quarter of 2020, where UIE reported a negative fair value adjustment of USD 37.5 million. However, the fair value of the investment in Schörling recovered by USD 30.7 million during the second quarter as equity markets rebounded. While the underlying portfolio companies within Schörling are all affected by the pandemic-driven slowdown in business activity, they have all initiated various measures to mitigate the consequences and the extraordinary uncertainties currently prevailing.

UIE’s share of UP’s net profit increased by 40% to USD 23.3 million due to higher production and higher selling prices:

• UP’s production of CPO and PK increased by 16% and 17%, respectively.

• UP’s average selling prices of CPO and PK increased by 13% and 32%, respectively.

UP has, thus far, been able to continue its operations in Malaysia and Indonesia in spite of complying strictly with the conditions imposed during the lockdown as well as the  ongoing efforts to contain the Covid-19 outbreak under the current recovery Movement Control Order (MCO).