Source - Alliance News

Dekel Agri-Vision PLC on Wednesday said sales improved across its operations while production and processing reduced in the first half of the year.

The West Africa-focused company aims to develop sustainable and diversified agriculture projects with a palm oil operation and a cashew processing plant in the Ivory Coast.

In the first half that ended June 30, Dekel said crude palm oil sales rose 7.7% to 22,360 tonnes from 20,758 tonnes the previous year.

According to Dekel this was due to last year’s high season arriving later than normal leading to larger stock levels at the end of the first half in 2023.

CPO production declined 7.7% to 23,236 tonnes from 225,166 tonnes, while fresh fruit bunches processed fell 8.1% to 105,444 tonnes from 114,745 tonnes.

The average CPO price per tonne dropped 18% to €770 from €934, although this remains historically high still.

Dekel also runs a smaller-scale cashew operation which is set to benefit from new shelling and peeling equipment ordered in January and due to commission over the remainder of the year with initial order having arrived last week.

Over the period cashew sales were up 26% from last year to 215 tonnes from 170 tonnes. Meanwhile cashew production was down 35% to 115 tonnes from 177 tonnes, as raw cashew nuts processed reduced to 588 tonnes from 759 tonnes.

The average price per tonne of mixed peeled cashews reduced 17% year-on-year to €3,100 from €3,750

Executive Director Lincoln Moore said: ‘We continue to conservatively produce from the Cashew Operation whilst we eagerly await the commissioning of new equipment... We are pleased to see a recent increase in cashew prices which will also greatly assist the financial metrics of the Cashew operation moving forward.’

Dekel Agri-Vision shares were up 0.5% to 1.16 pence each in London on Wednesday afternoon.

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