REG - Dekel Agri-Vision - Record November Palm Oil Production Update

Dekel Agri-VisionAnnouncement

11/12/2023 07:15

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RNS Number : 2539W  Dekel Agri-Vision PLC  11 December 2023

 

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 November 2023

 

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

 

Dekel Agri-Vision Plc

('Dekel' or the 'Company')

Record November 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 record November 2023 monthly production update for its Ayenouan palm
oil project in Côte d'Ivoire ('Palm Oil Operation').

 

Key Highlights

·      The Palm Oil Operation performed well above expectations during
November 2023 recording an increase in Crude Palm Oil ('CPO') production of
152.4% compared to November last year.  This is a record November monthly
production performance and continues a 9 month streak of higher like for like
monthly CPO production.

·      Like for like November 2023 CPO sales volumes were also 82.1%
higher than last year due to the strong monthly CPO production.

·      CPO sales prices in November remained steady at €788 per
tonne.  Local CPO prices remain below international CPO prices but in turn
our FFB purchase prices have also decreased resulting in healthy gross margins
being achieved.

·      The CPO extraction rate increased materially from last month to
return to strong levels of 21.7%, which was 3.8% higher than November 2022.
This also contributed to a healthly monthly gross margin performance.

 

                                              Nov-23  Nov-22    Change

 FFB processed (tonnes)                       17,818  7,361     142.1%
 CPO Extraction Rate                          21.7%   20.9%     3.8%
 CPO production (tonnes)                      3,875   1,535     152.4%
 CPO Sales (tonnes)                           3,256   1,788     82.1%
 Average CPO price per tonne                  €778    €1,043    -25.4%
 Palm Kernel Oil ('PKO') production (tonnes)  157     90        74.4%
 PKO Sales (tonnes)                           100     Nil       n/a
 Average PKO price per tonne                  €838    n/a       n/a

 

Lincoln Moore, Dekel's Executive Director, said: "A 152.4% increase in CPO
production in November compared to last year was an exceptional outcome and
together with a significant improvement in the CPO extraction rate has
contributed to a record November monthly performance.  We look forward to the
Palm Oil Operation finishing the year strongly and reporting our annual 2023
production results in early January."

 

 

** 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 in 2023.

 

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