REG - Dekel Agri-Vision - February Palm Oil Production & Issue of Equity

Dekel Agri-VisionAnnouncement

11/03/2024 07:00

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RNS Number : 2063G  Dekel Agri-Vision PLC  11 March 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.

 

11 March 2024

 

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

 

Dekel Agri-Vision Plc

 

('Dekel' or the 'Company')

 

February Palm Oil Production Update

Issue of Equity

 

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

 

Key Highlights

·      The Palm Oil Operation continued its excellent start to 2024 year
recording an increase in Crude Palm Oil ('CPO') production of 70.2% in
February 2024 compared to February last year.  This was the 12(th)
consecutive month of higher monthly like for like CPO production.

·      Like for like February 2024 CPO sales volumes were also 17.6%
higher than February last year due to the strong monthly CPO production.
February 2024 month end stock on hand likely to drive higher sales volumes in
March 2024 and beyond.

·      CPO sales prices increased slightly to €759 per tonne.
Similarly to the previous month, local CPO prices remain below international
CPO prices as efforts continue locally to manage food prices, however, our FFB
purchase prices are also lower resulting in continued healthy gross margins
being achieved.

·      The CPO extraction rate of 21.6% has increased from January 2024
but remained 8.7% lower than the unusually high extraction rate achieved in
February 2023.

 

                                              Feb-24  Feb-23  Change

 FFB processed (tonnes)                       17,294  9,418   83.6%
 CPO Extraction Rate                          21.6%   23.3%   -7.3%
 CPO production (tonnes)                      3,742   2,198   70.2%
 CPO Sales (tonnes)                           2,472   2,102   17.6%
 Average CPO price per tonne                  €759    €984    -22.7%
 Palm Kernel Oil ('PKO') production (tonnes)  208     131     58.8%
 PKO Sales (tonnes)                           108     Nil     n/a
 Average PKO price per tonne                  €770    n/a     n/a

 

Issue of Equity

In addition, application will be made to the London Stock Exchange for the
admission of a total of 670,000 ordinary shares of €0.0003367 each
("Ordinary Shares") issued to certain advisers in settlement of fees for
services provided ("Admission"). It is expected that Admission will become
effective on or around 18 March 2024. Following Admission, the Company's
issued share capital will consist of 560,074,153 Ordinary Shares which may be
used by shareholders as the denominator for the calculations by which to
determine if they are required to notify their interest in, or a change to
their interest in, the Company under the FCA's Disclosure and Transparency
Rules.

 

Lincoln Moore, Dekel's Executive Director, said: "CPO production has started
2024 significantly ahead of the strong 2023 production year. March is
typically the start of the 3-4 month peak high season and should this
production momentum continue, we are well positioned to exceed market CPO
production expectations for H1 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

 WH Ireland Ltd (Nomad and Joint Broker)   +44 (0) 20 7220 1666

 James Joyce

 Darshan Patel

 Isaac Hooper

 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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