TIDMDKL
RNS Number : 4009B
Dekel Agri-Vision PLC
10 June 2021
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 and cumulative
year to date production update for its 100%-owned Ayenouan palm oil
project in Côte d'Ivoire ('Ayenouan' or the 'Project').
Highlight s
-- 3,403 tonnes of crude palm oil ('CPO') produced in May 2021
o Brings cumulative CPO production for year to date to 23,877
tonnes, a 10.9% increase on production during the equivalent
five-month period in 2020
-- 1,071 tonnes of CPO sold in May 2021 with a further 2,500
tonnes sold at EUR945 per tonne, a price materially higher than
previous months, which is awaiting collection - this is in line
with strategy to maximise local prices which have been moving
upwards during H1 2021
o Brings cumulative CPO sales for year to date to 19,963 tonnes,
7.0% lower than 21,462 tonnes sold during the equivalent period in
2020 (excludes 2,500 tonnes sold)
-- 43.1% increase in average realised CPO prices to EUR774 per
tonne in May compared to May 2020
o Brings average realised CPO prices for year to date to EUR794
per tonne, 29.5% higher than the EUR613 per tonne achieved over the
equivalent five-month period in 2020
-- H1 2021 financial results on course to materially surpass H1
2020's EUR15.4m revenues; EUR1.9m EBITDA; and EUR0.4m net
profits
Lincoln Moore, Dekel 's Executive Director , said: "With just
one month to go and with year-to-date deliveries of fresh fruit
bunches up 15.8% to 111,845 tonnes, CPO production up 10.9% to
23,877 tonnes and sales prices achieved up 29.5% to EUR794 per
tonne compared to the equivalent five-month period in 2020, Dekel
remains on course to post a material uplift in its H1 financial
results compared to 2020. It was particularly pleasing to see local
prices continue to increase toward the multi-year high
international prices including the 2,500 tn that have been sold at
EUR945 per tonne but have not been included in the monthly sales
figure as the consignment is awaiting collection. With global CPO
prices trading above US$1,100 per tonne and expected to remain
robust at least in the short term, we will continue to try and
maximise the local sales prices for our palm oil and related
products."
May-21 May-20 Change YTD2021 YTD2020 Change
15.8
FFB processed (tonnes) 16,335 14,121 15.7 % 111,845 96,572 %
10.9
CPO production (tonnes) 3,403 3,316 2.6 % 23,877 21,539 %
-79.8 -7.0
CPO Sales (tonnes) 1,071* 5,309 % 19,963 21,462 %
Average CPO price 29.5
per tonne EUR 774 EUR 541 43.1 % EUR 794 EUR 613 %
-29.8 -9.4
PKO production (tonnes) 233 332 % 1,360 1,501 %
-60.4 44.9
PKO Sales (tonnes) 40 101 % 1,223 844 %
Average PKO price 23.4
per tonne EUR 838 EUR 595 40.8 % EUR 792 EUR 642 %
-19.8 -4.8
PKC production (tonnes) 385 480 % 2,102 2,207 %
-75.1 -30.4
PKC Sales (tonnes) 151 607 % 1,479 2,125 %
Average PKC price 26.7
per tonne EUR 80 EUR 59 35.6 % EUR 76 EUR 60 %
* a further 2,500 tonnes of CPO sold at EUR945 per tonne
awaiting collection
Crude Palm Oil
-- Production: 2.6% increase in CPO produced to 3,403 tonnes in
May 2021 compared to May 2020's 3,316 tonnes
o Brings total CPO produced year to date to 23,877 tonnes, 10.9%
higher than the 21,539 tonnes of CPO produced in the first five
months of 2020
o 2.6% increase in CPO produced in May less than 15.7% increase
in May fresh fruit bunch ('FFB') deliveries due to lower oil
content of the fruit and exceptional comparatives
-- May 2021 CPO extraction rate of 20.8% compared to 23.5% in
May 2020
-- Sales: 1,071 tonnes sold in May 2021 (May 2020: 5,309 tonnes)
reflects price maximisation strategy, which resulted in the sale of
2,500 tonnes of CPO at EUR945 per tonne
o Brings total CPO sold year to date to 19,963 tonnes compared
to 21,462 tonnes sold in equivalent period in 2020
o 2021 YTD figure does not include 2,500 tonnes sold at EUR945
per tonne
-- Prices: 43.1% increase in average realised CPO prices to
EUR774 per tonne in May 2021 (May 2020: EUR541)
o Brings year to date average realised prices to EUR794, a 29.5%
increase on equivalent period in 2020
o With international CPO prices trading at multi-year highs,
strong margins continue to be generated at Ayenouan
Palm Kernel Oil ('PKO')
-- Production: 233 tonnes of PKO produced in May 2021 compared to 332 tonnes in May 2020
-- Sales: 40 tonnes sold in May 2021 compared to 101 tonnes sold in May 2020
o Reflects current strategy to take a patient approach to sales
prices to capitalise on rising local PKO price levels - Dekel
currently holds approximately 650 tn of stock at May month end
-- Prices: 40.8% increase in PKO prices to EUR838 per tonne compared to EUR595 in May 2020
Palm Kernel Cake ('PKC')
-- Production: 385 tonnes of PKC produced in May 2021 compared to 480 tonnes in May 2020
-- Sales: 151 tonnes sold in May 2021 compared to 607 tonnes in May 2020
o Reflects current strategy to take a patient approach to sales
prices to capitalise on rising local PKC price levels - Dekel
currently holds approximately 790 tn of stock at May month end
-- Prices: 35.6% increase in average realised PKC prices to
EUR80 per tonne compared to EUR59 per tonne in May 2020
Production Updates
The Company will continue issuing CPO production figures on a
monthly basis to provide shareholders with visibility on operations
and trading during the global COVID-19 pandemic.
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 /
Akhil Shah (Corporate Finance)
Simon Johnson (Corporate Broking) +44 (0) 207 614 5900
Optiva Securities Limited (Joint Broker)
Christian Dennis
Jeremy King +44 (0) 203 137 1903
St Brides Partners Ltd (Investor Relations)
Frank Buhagiar
Cosima Akerman +44 (0) 207 236 1177
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 production in June 2021.
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