TIDMDKL
RNS Number : 3079C
Dekel Agri-Vision PLC
10 October 2022
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc
('Dekel' or the 'Company')
September Palm Oil Production Update and 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 a September production
update for its Ayenouan palm oil project in Côte d'Ivoire ('Palm
Oil Operation') and an update on progress regarding the ramp-up of
production of our large-scale cashew processing plant at Tiebissou,
Côte d'Ivoire (the 'Cashew Operation').
Key Highlight s
-- Dekel achieved a 15.0% improvement in fresh fruit bunches
('FFB') processed compared to last month and a significant
improvement in crude palm oil ('CPO') extraction rates at 21.3%
compared to 19.4% last month.
-- However, CPO volumes remained low compared to September 2021
(36.3% lower), while CPO prices achieved continued at close to
all-time highs (EUR1,030).
-- Dekel had a successful month in terms of final equipment
installation and commissioning at the Cashew Operation, which means
it is well on track to meet the Company's 2023 objective of
processing 10,000tn of raw cashew nuts ('RCN').
Sep-22 Sep-21 Change
FFB processed (tonnes) 6,074 10,393 -41.6%
CPO Extraction Rate 21.3% 19.6% 8.7%
CPO production (tonnes) 1,296 2,035 -36.3%
CPO Sales (tonnes) 1,076 2,046 -47.4%
Average CPO price per tonne EUR1,030 EUR954 8.0%
Palm Kernel Oil ('PKO')
production (tonnes) 105 137 -23.4%
PKO Sales (tonnes) 53 Nil n/a
Average PKO price per tonne EUR1,176 n/a n/a
Palm Kernel Cake ('PKC')
production (tonnes) Nil 241 n/a
PKC Sales (tonnes) Nil 260 n/a
Average PKC price per tonne n/a EUR80 n/a
CPO Production
-- FFB quantities improved 15.0% compared to last month but were
41.6% lower than September 2021. In early October, volumes are
showing further signs of improvement but they remain materially
lower than this time last year when record volumes were
achieved.
-- The CPO extraction rate achieved of 21.3% was an excellent
result and close to a record for September, in addition to being
8.7% higher than September 2021 aiding profit margins.
CPO and PKO Price
-- Local CPO prices achieved of EUR1,030 were 8.0% higher than
September 2021. International CPO prices fell below EUR1,000 for
the first time this year in September largely due to macro
conditions but have steadied in early October to remain around
EUR1,000 per tonne. Importantly, there remains excellent local
demand around the EUR950-1,000 price range.
-- PKO prices achieved continue to be significantly higher than
average 2021 prices. Strong local and regional demand meant that
local PKO prices in September traded at a slight premium to
international prices.
CPO Sales
-- 47.4% lower like-for-like CPO sales quantities in September
reflect the reduction in CPO produced resulting from weak FFB
volumes and our efforts to carefully manage sales volumes where
appropriate to maximise pricing.
Cashew Operation
-- Further to the Company's announcement of 12 September 2022,
the production capacity of the Cashew Operation has materially
increased and in October should reach 75% of the level required to
process 10,000tn pa.
-- The colour sorter and shelling machines mentioned in the
Company's previous monthly operational updates are operating well
following the completion of their delivery and commissioning. With
the resultant material increase in throughput, the Company is now
integrating the last two peeling machines which, when fully
operational in the next few weeks, will complete the operational
value chain.
-- As processing patterns continue to stabilise, we will begin
sharing key statistical operational and production data as
appropriate.
Lincoln Moore, Dekel 's Executive Director , said: "The Cashew
Operation is now on track in terms of production capacity to reach
the Company's goal of processing 10,000 tonnes of RCN in 2023.
Whilst CPO volumes remain below the record H2 2021 results, CPO
volumes are showing signs of improvement and CPO extraction rates
are relatively strong. CPO and PKO prices achieved remained close
to all-time highs which is important as we edge closer to the next
high season in early 2023."
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.
** 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
Ben Good +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 commenced production in early January 2022.
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END
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