DekelOil shares slump despite 'best ever' half

West African focused agricultural company DekelOil witnessed its "best ever" first-half crude palm oil production in the six months ended 30 June after sales jumped during a record second-quarter.

Dekel Agri-Vision (DI)

1.47p

08:29 15/11/24

4.76%

0.07p

Food Producers & Processors

7,955.04

15:44 15/11/24

-1.87%

-151.91

FTSE AIM All-Share

728.67

15:45 15/11/24

n/a

Crude palm oil sales improved 20% to 26,702 tonnes, while total output rose 30% to 28,934 on the back of a 62% increase in CPO production in the second quarter alone.

DekelOil attributed its 7% year-on-year increase in first-half fresh fruit bunch yields to a successful enhancement of its logistics programme and a recovery in yields to standard levels.

Extraction rates fell to 22% for the half from the 23.1% seen a year earlier.

Director Lincoln Moore said: "A record second quarter has combined with the strong rebound in year on year Q1 CPO production to generate our best ever half yearly production performance.

However, Moore noted that while demand growth for vegetable oil was forecast to remain "consistently strong", the addition of new supplies of palm oil, by far the highest yielding vegetable oil per hectare, was "slowing".

As of 1510 BST, DekelOil shares had slumped 6.13% to 2.91p.