R.E.A. Holdings PLC reported Friday a swing to a pretax profit for 2021 and said its financial position is improving in 2022 as a result of healthy margins.
The London-listed palm-oil producer posted a pretax profit of $29.2 million for last year compared with a loss of $23.3 million for 2020 as a whole.
Revenue rose 38% to $191.9 million and earnings before interest, taxes, depreciation and amortization more-than-doubled to $75.8 million, the company said.
“The resultant prospect of longer term increases in crop, coupled with the expected progressive reduction in net indebtedness, should place the group on a solid footing for the future,” R.E.A. Holdings said.