REG - Dekel Agri-Vision - August Palm Oil Production Update

Dekel Agri-VisionAnnouncement

10/09/2024 07:00

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RNS Number : 4663D  Dekel Agri-Vision PLC  10 September 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 September 2024

 

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

 

Dekel Agri-Vision Plc

('Dekel' or the 'Company')

August 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 August production update for its Ayenouan palm oil project in Côte
d'Ivoire ('Palm Oil Operation').

 

Key Highlights

·      The Palm Oil Operation delivered stronger like for like
production in August 2024 compared to August 2023 recording an increase in
Crude Palm Oil ('CPO') production of 14.5%.

·      The CPO extraction rate continued its recent trend of performing
well compared to last year recording a 3.8% increase in August 2024 versus
August 2023.  As we exit the low season over the next month, we expect CPO
extraction rate to trend higher.

·      Like for like August 2024 CPO sales volumes remained in line with
August 2023.

·      CPO sales prices increased slightly to €780 per tonne in August
2024 compared to €778 per tonne achieved last month.  International CPO
prices increased during August from around €900 to close to €975 per
tonne.  While local prices continue to trade below the international price,
we expect to see an ongoing gradual increase in our local CPO sales prices in
September onwards should international prices remain buoyant.

 

                                              Aug-24  Aug-23  Change

 FFB processed (tonnes)                       8,454   7,659   10.4%
 CPO Extraction Rate                          19.2%   18.5%   3.8%
 CPO production (tonnes)                      1,621   1,416   14.5%
 CPO Sales (tonnes)                           1,777   1,786   -0.5%
 Average CPO price per tonne                  €780    €822    -5.1%
 Palm Kernel Oil ('PKO') production (tonnes)  136     185     -26.5%
 PKO Sales (tonnes)                           Nil     815     n/a
 Average PKO price per tonne                  n/a     €798    n/a

 

Lincoln Moore, Dekel's Executive Director, said: "We are pleased to report a
14.5% increase in CPO monthly production in August compared to last year and
the continuation of the recent trend of higher CPO extraction rates compared
to last year.  International CPO prices remain historically high and we
expect this to translate into continued increases in local CPO prices during
the back end of 2024."

 

 

** ENDS **

 

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

 

 Dekel Agri-Vision Plc                      +44 (0) 207 236 1177

 Youval Rasin

 Shai Kol

 Lincoln Moore

 Zeus Capital Ltd (Nomad and Joint Broker)  +44 (0) 203 829 5000

 James Joyce

 Darshan Patel

 Optiva Securities Limited (Joint Broker)   +44 (0) 203 137 1903

 Christian Dennis

 Daniel Ingram

 

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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