Source - LSE Regulatory
RNS Number : 8649N
Dekel Agri-Vision PLC
10 May 2024
 

 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

10 May 2024

 

Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food Producers

 

Dekel Agri-Vision Plc

 

('Dekel' or the 'Company')

 

April Palm Oil Production Update

 

Dekel Agri-Vision Plc (AIM: DKL), the West African agriculture company focused on building a portfolio of sustainable and diversified projects, is pleased to provide an April 2024 monthly production update for its Ayenouan palm oil project in Côte d'Ivoire ('Palm Oil Operation').

 

Key Highlights

·      The Palm Oil Operation had a solid month albeit CPO production was 27.1% lower than the record April 2023 results.  This is due to the high season in 2024 appearing to return to a more typical peak cycle in March 2024 compared to 2023 where the peak occurred in April.  Year to date April 2024 CPO production remains 5% higher than year to date April 2023. 

·      Like for like April 2024 CPO sales volumes were 45.8% higher than April last year due to the sale of stock on hand following the strong Q1 2024 production period. 

·      CPO sales prices continued to be historically strong at €777 per tonne.  International prices remain buoyant at approximately €900 per tonne and we are optimistic that as local inventory levels decrease over the coming months local prices should continue to gradually strengthen towards the international price.

·      The CPO extraction rate of 22.5% in April 2024 was an excellent result being 5.1% higher than April 2023.  We are seeing this trend of higher CPO extraction rates continue in May which is enhancing our gross margin percentage.

 


Apr-24

Apr-23

Change





FFB processed (tonnes)

20,012

28,846

-30.6%

CPO Extraction Rate

22.5%

21.4%

5.1%

CPO production (tonnes)

4,502

6,179

-27.1%

CPO Sales (tonnes)

5,815

3,988

45.8%

Average CPO price per tonne

€777

€976

-20.4%

Palm Kernel Oil ('PKO') production (tonnes)

230

382

-39.8%

PKO Sales (tonnes)

265

Nil

n/a

Average PKO price per tonne

€759

n/a

n/a

 

Lincoln Moore, Dekel's Executive Director, said: "YTD CPO production levels remain ahead of 2023.  In addition, with CPO prices remaining relatively high and enhanced CPO extraction rates, H1 2024 is continuing to be a period of robust financial performance from the Palm Oil Operation."

 

 

** ENDS **

               

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

 

Dekel Agri-Vision Plc

Youval Rasin

Shai Kol

Lincoln Moore

 

+44 (0) 207 236 1177

WH Ireland Ltd (Nomad and Joint Broker)

James Joyce

Darshan Patel

Isaac Hooper

 

+44 (0) 20 7220 1666

Optiva Securities Limited (Joint Broker)

Christian Dennis

Daniel Ingram

 

+44 (0) 203 137 1903

 

Notes:

Dekel Agri-Vision Plc is a multi-project, multi-commodity agriculture company focused on West Africa. It has a portfolio of projects in Côte d'Ivoire at various stages of development: a fully operational palm oil project in Ayenouan where fruit produced by local smallholders is processed at the Company's 60,000tpa capacity crude palm oil mill and a cashew processing project in Tiebissou, which is currently transitioning to full commercial production.

 

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