Last checked at 8 Oct 2021 07:00
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food Producers
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
September & Q3 2021 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 September and Q3 2021 production update for its 100% owned Ayenouan palm oil project in Côte d'Ivoire.
Key Highlights
· September and Q3 2021 saw a continuation of the recent run of improved production, sales and pricing results in our core CPO business
· CPO prices continue to remain very strong with average prices achieved in Q3 2021 of €950, a 72.7% increase in average realised CPO prices compared to August 2020
· Over the last few days, international CPO prices have been trading at all time record levels. Should prices remain in this range we are well positioned to further improve on our 2021 record financial high season in 2022 which commences in around 3 months
Lincoln Moore, Dekel's Executive Director, said: "We are pleased by the continuing growth we have seen in our CPO production during Q3 2021. Given global CPO prices are currently trading at an all time high, we are very well positioned to continue this strong period of financial growth into 2022"
Sep-21 | Sep-20 | Change | Q3 2021 | Q3 2020 | Change | |
FFB processed (tonnes) | 10,393 | 9,274 | 12.1% | 27,157 | 24,243 | 12.0% |
CPO production (tonnes) | 2,035 | 1,965 | 3.6% | 5,428 | 5,280 | 2.8% |
CPO Sales (tonnes) | 2,046 | 1,977 | 3.5% | 6,945 | 5,278 | 31.6% |
Average CPO price per tonne | €954 | €604 | 57.9% | €950 | €550 | 72.7% |
PKO production (tonnes) | 137 | 149 | -8.1% | 408 | 422 | -3.3% |
PKO Sales (tonnes) | Nil | 204 | n/a | 1,061 | 543 | 95.4% |
Average PKO price per tonne | n/a | €564 | n/a | €817 | €568 | 43.8% |
PKC production (tonnes) | 241 | 236 | 2.1% | 703 | 838 | -16.1 |
PKC Sales (tonnes) | 260 | 189 | 37.6% | 685 | 764 | -10.3% |
Average PKC price per tonne | €80 | €59 | 35.6% | €80 | €60 | 33.3% |
Crude Palm Oil
· Production: Like for like CPO production increased 2.8% in Q3 2021 compared to Q3 2020. This resulted from high FFB quantities offsetting weaker extraction rates
· Sales: The sale of stock on hand at the end of the high season, led to a 31.6% increase in sales in Q3 2021 compared to Q3 2020
· Prices: Local CPO sales prices remained very strong at €950, 72.7% higher than prices achieved in Q3 2021
Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC')
· Production: PKO and PKC production in Q3 2021 slightly down by 3.3% and 16.1% respectively. We currently hold materially higher levels of kernels to be processed compared to this time last year, so we expect a material increase in production during Q4 2021 once these excess kernels are processed compared to Q4 2020
· Sales: 95.4% increase in PKO sales quantities in Q3 2021 compared to Q3 2020 as stock on hand post the high season was sold
· Prices: 43.8% increase in PKO prices during Q3 2021 compared to Q3 2020. We are continuing the strategy of managing PKO sales carefully as the local price remains lower than the international price
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
** 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 |
Arden Partners Plc (Nomad and Joint Broker) Paul Shackleton / Ruari McGirr / Elliot Mustoe (Corporate Finance)
| +44 (0) 207 614 5900 |
Optiva Securities Limited (Joint Broker) Christian Dennis Jeremy King
| +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 crude palm oil mill; a cashew processing project in Tiebissou, which is due to commence commissioning in November 2021.