TIDMDKL
RNS Number : 8821F
Dekel Agri-Vision PLC
10 November 2022
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc
('Dekel' or the 'Company')
October 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 an October 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 26.1% improvement in fresh fruit bunches
('FFB') processed as compared to last month and a further
improvement in crude palm oil ('CPO') extraction rates to 21.8% as
compared to 21.3% last month.
-- However, like for like monthly CPO production volumes
remained low compared to the October 2021 record monthly production
of 2,331tns (28.1% lower).
-- CPO prices remain very strong with prices achieved continuing
at close to all-time highs (EUR1,057 per tonne). International CPO
prices increased materially during October from around EUR950 per
tonne to EUR1,100 - 1,150 per tonne.
-- The Cashew Operation capacity increased significantly during
October and is well on track to meet the Company's 2023 objective
of processing 10,000tn of raw cashew nuts ('RCN').
-- First cashew export container shipment to Europe of 16 tonnes
was completed in late October at an average price of approximately
EUR4,900 per tonne.
Oct-22 Oct-21 Change
FFB processed (tonnes) 7,661 11,603 -34.0%
CPO Extraction Rate 21.8% 20.1% 8.5%
CPO production (tonnes) 1,677 2,331 -28.1%
CPO Sales (tonnes) 1,567 2,301 -31.9%
Average CPO price per tonne EUR1,057 EUR960 10.1%
Palm Kernel Oil ('PKO')
production (tonnes) 131 136 -3.7%
PKO Sales (tonnes) 225 149 51.0%
Average PKO price per tonne EUR1,151 EUR946 21.7%
Palm Kernel Cake ('PKC')
production (tonnes) Nil 221 n/a
PKC Sales (tonnes) Nil 24 n/a
Average PKC price per tonne n/a EUR80 n/a
CPO Production
-- FFB quantities improved 26.1% compared to last month, however
volumes were 34.0% lower than October 2021. Volumes appear to be
gradually improving towards long terms averages but they remain
materially lower than this time last year when record volumes were
achieved.
-- The CPO extraction rate achieved in October of 21.8% is very
strong for a low season month, in addition to being 8.5% higher
than October 2021.
CPO and PKO Price
-- Local CPO prices achieved of EUR1,057 were 10.1% higher than
September 2021. International CPO prices increased materially
during October and are currently trading at EUR1,100 -1,150 per
tonne.
CPO Sales
-- 31.9% lower like-for-like CPO sales quantities in October
reflect the reduction in CPO produced resulting from weak FFB
volumes and our continued efforts to carefully manage sales volumes
where appropriate to maximise pricing.
Cashew Operation
-- Further to the Company's announcement on 10 October 2022, the
production capacity of the Cashew Operation has materially
increased and is tracking well to meet our goal of processing
10,000tn in 2023.
-- We exported our first container of cashews to Europe
consisting of 16 tonnes at an average price of c.EUR4.9kg with
whole cashews priced at EUR5.8kg. This a profitable price for our
first shipment and we expect our sales prices may increase further
as we become a reliable, sustainable, high quality producer.
Lincoln Moore, Dekel 's Executive Director , said: "We believe
we are entering an exciting period in terms of potential revenue
and profit up lift. With the palm oil operation high season only 90
days away it is pleasing to see signs of gradual normalisation of
FFB levels. Given the continued high CPO prices there is the
potential for an exceptional period of profitability during H1 2023
if normalised FFB levels are achieved. In addition, the Cashew
Operation is well poised to add additional profit to the Group as
production continues to ramp up."
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
Megan Liddell +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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBLBFTMTMMBLT
(END) Dow Jones Newswires
November 10, 2022 02:00 ET (07:00 GMT)
Dekel Agri-Vision (AQSE:DKL.GB)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Dekel Agri-Vision (AQSE:DKL.GB)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025
