Source - RNS
RNS Number : 3994M
Dekeloil Public Limited
13 October 2016
 

DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food Producers

 

DekelOil Public Limited ('DekelOil' or the 'Company')

Q3 2016 Production & Sales Update

 

DekelOil Public Limited, operator and 85.75% owner of the profitable and vertically integrated Ayenouan palm oil project in Côte d'Ivoire (the 'Project'), is pleased to provide a production and sales update for the quarter ended 30 September 2016.

 

Q3 2016 production and sales figures for Crude Palm Oil ('CPO'), Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC') at the Project, which includes one of West Africa's largest extraction mills, are detailed in the table below:

 


Q3 2016

Q3 2015

Increase

/ Decrease

H1 2016

Product Sales

€6.7 m

€6.1 m

9.8%

€16.0 m

FFB collected (tonnes)

27,418

31,873

-13.7%

123,157

CPO production (tonnes)

5,823

7,301

-20.2%

28,550

CPO Sales (tonnes)

9,542

9,814

-2.8%

25,225

Average CPO price per tonne

€612

€610

0.3%

€542

PKO production (tonnes)

522

Nil

n/a

1,998

PKO Sales (tonnes)

719

Nil

n/a

1,828

Average PKO price per tonne

€832

Nil

n/a

€781

PKC production (tonnes)

666

Nil

n/a

2,360

PKC Sales (tonnes)

606

Nil

n/a

2,615

Average PKC price per tonne

€49

Nil

n/a

€40

 

·     Production for the nine months to 30 September 2016 totals 34,323 tonnes of CPO and 2,520 tonnes of PKO compared to 29,137 tonnes of CPO in the comparable nine month period in 2015

·     The earlier start and finish of this year's peak harvesting season and unseasonally drier weather during the low production season has resulted in lower Q3 2016 CPO production and extraction rate compared to Q3 2015

·     On track to reach full year 2016 production targets - October 2016 has to date seen a pick-up in volumes of fresh fruit bunches collected for processing

·     13% increase in CPO sales prices in Q3 2016 compared to H1 2016 - stock carried through Q2 period sold into higher Q3 pricing

·     CPO prices have ramped up considerably in October 2016 with sales prices now 26% higher than H1 2016 at €680 per tonne

·     Production and sales at the Company's Kernel Crushing plant continue to exceed management's expectations with the Palm Kernal Oil extraction rate up to 42.2% for the quarter (H1 2016 41%) and the average sales prices up to 832 (H1 2016 781)

 

DekelOil Executive Director Lincoln Moore said, "With 34,323 tonnes of CPO produced so far this year, we remain on course to report another record full year performance in terms of CPO production.  The drier than normal weather conditions in 2016, not just in West Africa but also in Asia, is a double edged sword with significantly higher CPO prices now being achieved compared to H1 2016 being offset by lower Q3 CPO production.  We look forward to the normalisation of weather patterns and FFB harvest volumes, as we have seen in October already, as we focus on increasing production while at the same time taking full advantage of a period of relatively higher CPO prices than those we have experienced over the last 12 months."

               

** ENDS **

               

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR).  Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

For further information please visit the Company's website www.dekeloil.com or contact:

 

DekelOil Public Limited

Youval Rasin

Shai Kol

Lincoln Moore

 

+44 (0) 207 236 1177

Cantor Fitzgerald Europe (Nomad and Broker)

Andrew Craig

Richard Salmond

+44 (0) 207 894 7000

Beaufort Securities Limited (Broker)

Zoe Alexander

Elliot Hance

 

 

+44 (0) 207 382 8300

Optiva Securities Limited (Broker)

Christian Dennis

Jeremy King

 

+44 (0) 203 137 1903

St Brides Partners Ltd (Investor Relations)

Elisabeth Cowell

Frank Buhagiar

+44 (0) 207 236 1177

 

Notes:

DekelOil Public Limited is a low cost producer of palm oil in West Africa, which it is focused on rapidly expanding.  To this end, it has an 86% interest in one of the largest oil processing mills based in Côte d'Ivoire, which has a capacity of 70,000 tons of CPO.  Feedstock for the Mill comes from several co-operatives and thousands of smallholders, however it also has nearly 1,900 hectares of its own plantations.  Furthermore, it has a world-class nursery with a 1 million seedlings a year capacity. 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLZMMMGVZKGVZM

Related Charts

DekelOil Public (DKL)

0.00p (0.00%)
delayed 17:15PM