DKL.L

Dekel Agri-Vision plc
Dekel Agri-Vision - May Palm Oil Production Update
10th June 2024, 06:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 6959R
Dekel Agri-Vision PLC
10 June 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 June 2024

 

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

 

Dekel Agri-Vision Plc

 

('Dekel' or the 'Company')

 

May 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 a May 2024 monthly production update for its Ayenouan palm oil project in Côte d'Ivoire ('Palm Oil Operation').

 

Key Highlights

·      Similar to last month, the Palm Oil Operation had a solid month albeit CPO production was 17.7% lower than the record May 2023 results.  This is due to the high season in 2024 returning to a more typical peak earlier than 2023 where the peak occurred later in H1 than usual.  Year to date May 2024 CPO production remains in line with year to date May 2023 and in line with market expectations. 

·      CPO sales prices continued to be historically strong at €777 per tonne.  International prices continue to remain steady at approximately €900 per tonne.  We also continue to see local CPO prices gradually increase towards the international price.

·      The CPO extraction rate of 23.3% in May 2024 was exceptional being 6.9% higher than May 2023.  We are seeing this trend of higher CPO extraction rates than last year continue in June which is enhancing our gross margin percentage.

·      Excellent PKO sales in May 2024 of 699 tonnes and a significant improvement in PKO prices compared to prior months contributed materially to an overall positive May monthly financial performance.

 

May-24

May-23

Change





FFB processed (tonnes)

18,725

24,301

-22.9%

CPO Extraction Rate

23.3%

21.8%

6.9%

CPO production (tonnes)

4,368

5,306

-17.7%

CPO Sales (tonnes)

3,959

4,741

-16.5%

Average CPO price per tonne

€777

€953

-18.5%

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

235

320

-26.5%

PKO Sales (tonnes)

699

Nil

n/a

Average PKO price per tonne

€836

n/a

n/a

 

Lincoln Moore, Dekel's Executive Director, said: "The Palm Operation is continuing to be a strong performer with strong production, high historical CPO prices and excellent extraction rates.  We remain well on track with market expectations for H1 2024 which we look forward to announcing next month."

 

 

** 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDGZGGVRNZGDZM]]>
TwitterFacebookLinkedIn