July Palm Oil Production Update
Updated : 14:22
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.
12 August 2024
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food Producers
Dekel Agri-Vision Plc
('Dekel' or the 'Company')
July 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 July production update for its Ayenouan palm oil project in Côte d'Ivoire ('Palm Oil Operation').
Key Highlights
· The Palm Oil Operation delivered another solid month with July 2024 CPO production 6.6% higher than July 2023. Year to date July 2024 CPO production remains in line with market expectations.
· CPO sales prices continued to be historically strong at €778 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 after commencing January 2024 at €737 per tonne.
· The CPO extraction rate of 20.7% in July 2024 was 7.3% higher than July 2023. We are continuing to see higher CPO extraction rates compared to last year which is enhancing our gross margin percentage.
· CPO sales quantities were lower in July 2024 compared to July 2023. This is purely a timing difference due to the high season in 2024 returning to a more typical peak earlier than 2023 where the peak occurred late in H1 2023.
Jul-24 | July-23 | Change | |
FFB processed (tonnes) | 11,517 | 11,558 | -0.4% |
CPO Extraction Rate | 20.7% | 19.3% | 7.3% |
CPO production (tonnes) | 2,379 | 2,231 | 6.6% |
CPO Sales (tonnes) | 3,340 | 5,623 | -40.6% |
Average CPO price per tonne | €778 | €814 | -4.4% |
Palm Kernel Oil ('PKO') production (tonnes) | 195 | 207 | -5.8% |
PKO Sales (tonnes) | Nil | 542 | n/a |
Average PKO price per tonne | n/a | €749 | n/a |
Lincoln Moore, Dekel's Executive Director, said: "The Palm Oil Operation continued its solid performance in 2024 in terms of CPO production and CPO extraction rates. With prices continuing to be historically strong and gradually increasing over recent months, we remain on track to deliver strong financial outcomes from the Palm Oil Operation in 2024."
** 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 |
Zeus Capital Ltd (Nomad and Joint Broker) James Joyce Darshan Patel Isaac Hooper
| +44 (0) 203 829 5000 |
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 in 2024.
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