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

Dekel Agri-VisionAnnouncement

12/08/2024 07:00

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RNS Number : 9132Z  Dekel Agri-Vision PLC  12 August 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.

 

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                      +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

 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 in 2024.

 

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