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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 May 2024
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food Producers
Dekel Agri-Vision Plc
('Dekel' or the 'Company')
April 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 April 2024 monthly production update for its Ayenouan palm oil project in Côte d'Ivoire ('Palm Oil Operation').
Key Highlights
· The Palm Oil Operation had a solid month albeit CPO production was 27.1% lower than the record April 2023 results. This is due to the high season in 2024 appearing to return to a more typical peak cycle in March 2024 compared to 2023 where the peak occurred in April. Year to date April 2024 CPO production remains 5% higher than year to date April 2023.
· Like for like April 2024 CPO sales volumes were 45.8% higher than April last year due to the sale of stock on hand following the strong Q1 2024 production period.
· CPO sales prices continued to be historically strong at €777 per tonne. International prices remain buoyant at approximately €900 per tonne and we are optimistic that as local inventory levels decrease over the coming months local prices should continue to gradually strengthen towards the international price.
· The CPO extraction rate of 22.5% in April 2024 was an excellent result being 5.1% higher than April 2023. We are seeing this trend of higher CPO extraction rates continue in May which is enhancing our gross margin percentage.
Apr-24 | Apr-23 | Change | |
FFB processed (tonnes) | 20,012 | 28,846 | -30.6% |
CPO Extraction Rate | 22.5% | 21.4% | 5.1% |
CPO production (tonnes) | 4,502 | 6,179 | -27.1% |
CPO Sales (tonnes) | 5,815 | 3,988 | 45.8% |
Average CPO price per tonne | €777 | €976 | -20.4% |
Palm Kernel Oil ('PKO') production (tonnes) | 230 | 382 | -39.8% |
PKO Sales (tonnes) | 265 | Nil | n/a |
Average PKO price per tonne | €759 | n/a | n/a |
Lincoln Moore, Dekel's Executive Director, said: "YTD CPO production levels remain ahead of 2023. In addition, with CPO prices remaining relatively high and enhanced CPO extraction rates, H1 2024 is continuing to be a period of robust financial performance from the Palm Oil Operation."
** ENDS **
For further information, please visit the Company's website www.dekelagrivision.com or contact:
Dekel Agri-Vision Plc Youval Rasin Shai Kol Lincoln Moore
| +44 (0) 207 236 1177 |
WH Ireland Ltd (Nomad and Joint Broker) James Joyce Darshan Patel Isaac Hooper
| +44 (0) 20 7220 1666 |
Optiva Securities Limited (Joint Broker) Christian Dennis Daniel Ingram
| +44 (0) 203 137 1903 |
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.