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 October 2024
Dekel
Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision
Plc
('Dekel' or the
'Company')
September Palm Oil Production
& Q3 2024 Cashew Operation 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 its Q3 2024 production
for the Ayenouan palm oil project in Côte d'Ivoire ('Palm Oil
Operation') and the cashew processing plant
at Tiebissou, Côte d'Ivoire (the 'Cashew Operation').
Palm Oil Operation Update
· The
Palm Oil Operation continued to its steady production performance
during Q3 2024 although both Fresh Fruit Bunch ('FFB') volumes and
Crude Palm Oil ('CPO') production were slightly lower by 10.2% and
7.5% respectively compared to Q3 2023.
· The
CPO extraction rate for Q3 2024 of 19.9% was slightly higher than
Q3 2023 continuing the trend of relatively strong CPO extraction
rates achieved during 2024.
· The
decrease in CPO sales quantities was largely a timing issue due to
last year's high season arriving much later than usual, leading to
abnormally high CPO sales levels in Q3 2023.
· The Q3
2024 average CPO sales price of €777 per tonne continued its
gradual increase during 2024, albeit slightly lower than the 2023
CPO sales price of €817 per tonne. International CPO prices
continue to remain strong at around €950 per tonne providing a
foundation for the continued solid financial performance from the
Palm Oil Operation.
· PKO
sale prices which are driven by more localised supply and demand
dynamics increased materially during Q3 2024 compared to earlier
this year and were 8.9% higher than Q3 2023.
|
|
Q3-2024
|
Q3-2023
|
Change
|
|
|
|
|
|
|
FFB processed (tonnes)
|
27,017
|
30,084
|
-10.2%
|
|
CPO Extraction Rate
|
19.9%
|
19.3%
|
3.1%
|
|
CPO production (tonnes)
|
5,364
|
5,797
|
-7.5%
|
|
CPO Sales (tonnes)
|
6,471
|
10,143
|
-36.2%
|
|
Average CPO price per
tonne
|
€777
|
€817
|
-4.9%
|
|
Palm Kernel Oil ('PKO') production
(tonnes)
|
475
|
489
|
-2.9%
|
|
PKO Sales (tonnes)
|
427
|
1,463
|
-70.8%
|
|
Average PKO price per
tonne
|
€853
|
€783
|
8.9%
|
Cashew Operation Update
· The
Cashew Operation continued to operate on a conservative basis while
we awaited the arrival of the new shelling and peeling
equipment.
· All
new shelling and peeling equipment ordered arrived on site by late
September. This equipment has now been installed and testing
has commenced.
· Commissioning of new equipment is being overseen by a highly
credentialled cashew processing consultant.
· We
expect to see a significant improvement in daily production
capabilities and quality over the coming weeks and we will advise
the market once we see this equipment is performing
successfully.
· Cashew
sales prices improved as highlighted in the unaudited interim
results for the six months ended 30 June 2024 announcement dated 25
September 2024 with prices rising over 30% since Q1
2024.
|
|
Q3-2024
|
Q3-2023
|
|
|
|
|
|
|
|
RCN
Inventory
|
|
|
|
|
Opening RCN Inventory
(tonnes)
|
1,582
|
2,460
|
|
|
RCN Purchased (tonnes)
|
Nil
|
41
|
|
|
RCN Processed (tonnes)
|
(365)
|
(530)
|
|
|
Closing RCN Inventory
(tonnes)
|
1,217
|
1,971
|
|
|
|
|
|
|
|
Cashew Processing
|
|
|
|
|
Opening Cashews (tonnes)
|
54
|
118
|
|
|
RCN Processed (tonnes)
|
365
|
530
|
|
|
Cashew Extraction Rate
|
21.6%
|
22.4%
|
|
|
Cashew Produced (tonnes)
|
79
|
119
|
|
|
Cashew Sales (tonnes)
|
58
|
35
|
|
|
Closing Cashews (tonnes)
|
75
|
202
|
|
|
|
|
|
|
|
Average Sales prices per tonne
|
|
|
|
|
- Whole Unpeeled
Cashews
|
€3,600
|
€3,300
|
|
|
- Whole Peeled Cashews
(including mixed)
|
€4,600
|
€4,500
|
|
Lincoln Moore, Dekel's
Executive
Director, said:
"The Palm Oil
Operation continued its consistent performance during 2024.
With CPO prices remaining very supportive we are tracking well for
another year of profitability. With all the Cashew Operation
new equipment installed, a significant focus of the Group is now on
completing the necessary testing so we can increase production
quantity and quality as quickly as possible and we are hopeful we
can announce the successful implementation of the new shelling and
peeling equipment to the market over the coming
weeks".
** 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
|
|
Zues Capital Ltd (Nomad and Joint Broker)
James Joyce
Darshan Patel
Isaac Hooper
|
+44 (0) 203 829 5000
|
|
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.
