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 June 2024
Dekel
Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision
Plc
('Dekel'
or the 'Company')
May 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 May 2024 monthly production update for its Ayenouan palm oil
project in Côte d'Ivoire ('Palm Oil Operation').
Key
Highlights
· Similar to last month, the Palm Oil Operation had a solid
month albeit CPO production was 17.7% lower than the record May
2023 results. This is due to the high season in 2024
returning to a more typical peak earlier than 2023 where the peak
occurred later in H1 than usual. Year to date May 2024 CPO
production remains in line with year to date May 2023 and in line
with market expectations.
· CPO
sales prices continued to be historically strong at €777 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.
· The
CPO extraction rate of 23.3% in May 2024 was exceptional being 6.9%
higher than May 2023. We are seeing this trend of higher CPO
extraction rates than last year continue in June which is enhancing
our gross margin percentage.
· Excellent PKO sales in May 2024 of 699 tonnes and a
significant improvement in PKO prices compared to prior months
contributed materially to an overall positive May monthly financial
performance.
|
|
May-24
|
May-23
|
Change
|
|
|
|
|
|
|
FFB processed (tonnes)
|
18,725
|
24,301
|
-22.9%
|
|
CPO Extraction Rate
|
23.3%
|
21.8%
|
6.9%
|
|
CPO production (tonnes)
|
4,368
|
5,306
|
-17.7%
|
|
CPO Sales (tonnes)
|
3,959
|
4,741
|
-16.5%
|
|
Average CPO price per
tonne
|
€777
|
€953
|
-18.5%
|
|
Palm Kernel Oil ('PKO') production
(tonnes)
|
235
|
320
|
-26.5%
|
|
PKO Sales (tonnes)
|
699
|
Nil
|
n/a
|
|
Average PKO price per
tonne
|
€836
|
n/a
|
n/a
|
Lincoln Moore, Dekel's
Executive
Director, said:
"The Palm
Operation is continuing to be a strong performer with strong
production, high historical CPO prices and excellent extraction
rates. We remain well on track with market expectations for
H1 2024 which we look forward to announcing next
month."
** 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.