(Alliance News) - Dekel Agri-Vision PLC on Friday said it expects to report an improved performance in the first half of 2020.
The west Africa-focused agricultural company reported better extraction rates achieved at its palm oil project at Ayenouan in Cote d'Ivoire.
Crude palm oil production declined by 18%, however, to 23,882 tonnes in the six months to the end of June compared to 28,934 tonnes a year ago.
More positively, Dekel said average crude palm oil price per tonne rose by 19% in the period to EUR602 from EUR505 a year ago.
Turning to Palm kernel oil, Dekel said production in the first half of 2020 declined by 9.6% to 1,715 tonnes from 1,896 tonnes a year prior. The price, meanwhile, increased by 6.6% to EUR628 year-on-year.
"It is particularly encouraging that, notwithstanding the backdrop of the unprecedented measures taken by governments in response to Covid-19, we expect to report a more profitable first-half financial performance compared to last year," said Executive Director Lincoln Moore.
"During the second half, we will continue to focus on extracting as much value as possible out of each fruit that is delivered to the mill for processing," added Moore.
AIM-listed Dekel shares were trading 0.5% lower in London on Friday at 2.09 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Dekel Agri (DKL)