DekelOil Public Limited swung to a net profit in the six months to the end of June after record output.
DekelOil operator and 85.75% owner of the Ayenouan palm oil project in Cote d'Ivoire, reports record half yearly production of 28,550 tonnes (2015: 21,836 tonnes) of crude palm oil.
Total sales amounted to €16.0 million (H1 2015: €12.9 million), and the company reported a net profit after tax of €1.8 million compared to a net loss of €0.1million for the six months to 30 June 2015 and EBITDA of €3.1 million (H1 2015: €2.3 million).
DekelOil executive director Lincoln Moore said: "The record half yearly performance at the Mill in terms of CPO production has translated into a 23.6% rise in revenues and a 34.8% increase in EBITDA.
"Together with the support we have received from our institutional cornerstone investor Miton Group, it is clear to see why we made the decision to increase our stake in Ayenouan by 34.75% to 85.75%. We expect the impact of this transformational transaction on our financials will become more apparent in our full year results.
"I am incredibly proud of our operations and team, which has achieved so much in the short time since our listing and which has already delivered significant profit growth and debt refinancing on more attractive terms since operations commenced at the Mill.
"Optimising these areas will be a firm focus for DekelOil in the coming months and years ahead."
At 8:53am: (LON:DKL) DekelOil Public Ltd share price was +0.13p at 10.88p