TIDMDKL
RNS Number : 1604M
Dekel Agri-Vision PLC
10 January 2023
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
Full Year 2022 Palm Oil Production Update
Dekel Agri-Vision Plc, the West African focused agriculture
company, is pleased to provide a production update for its
100%-owned vertically integrated Ayenouan palm oil project in Côte
d'Ivoire ('Palm Oil Operation) for the year ended 31 December
2022.
Key Highlight s
Summary - Full year 2022 and 2023 Outlook
-- 2022 can be summarised as a year of record Crude Palm Oil
('CPO') and Palm Kernel Oil ('PKO') pricing with strong CPO
extraction rates being offset by an unprecedently low fresh fruit
bunches ('FFB') annual harvest.
-- Whilst financial results of the Palm Oil Operation are
unlikely to surpass the record 2021 results, the FY 2022 financial
results are still expected to be one of the best performing years
since inception.
-- In the event that production volumes normalise and CPO and
PKO prices remain robust, the Directors believe that the Palm Oil
operation has the potential to deliver a record financial
performance in 2023.
December 2022 Production and Sales
-- Dekel achieved a 42.7% improvement in FFB processed as
compared to November and there was further improvement in CPO
extraction rates to 22.8% as compared to 20.9% last month.
-- However, like for like monthly CPO production volumes
remained low compared to the December 2021 record monthly
production (20.3% lower).
-- CPO prices remain robust with prices achieved continuing to
be close to all-time highs (EUR1,102 per tonne). International CPO
prices remained steady in December 2022 with prices trading around
EUR1,000 per tonne.
2022 Full Year Production and Sales
-- Dekel had a full year production of CPO of 25,751 tonnes and CPO sales of 26,016 tonnes.
-- The Company had a record full year CPO price of EUR1,025 per
tonne and a record full year PKO price achieved of EUR1,381 per
tonne.
Further details regarding production and sales for December and
for the 2022 full year can be found in the table below.
Dec-22 Dec-21 Change FY 2022 FY 2021 Change
FFB processed (tonnes) 10,502 14,395 -27.0% 116,733 190,020 -38.6%
CPO Extraction Rate 22.8% 20.9% 9.1% 22.1% 21.0% 5.2%
CPO production (tonnes) 2,398 3,010 -20.3% 25,751 39,953 -35.5%
CPO sales (tonnes) 2,195 3,225 -31.9% 26,016 39,092 -33.4%
Average CPO price/tonne EUR1,102 EUR968 13.8% EUR1,025 EUR868 18.1%
PKO production (tonnes) 155 239 -35.1% 1,824 2,549 -28.4%
PKO sales (tonnes) 122 168 -27.4% 1,991 2,707 -26.4%
Average PKO price/tonne EUR1,143 EUR1,372 -16.7% EUR1,381 EUR851 62.3%
PKC production (tonnes) 45 369 -87.8% 1,875 4,019 -53.3%
PKC sales (tonnes) 20 356 -94.4% 717 3,076 -76.7%
Average PKC price/tonne EUR76 EUR78 2.6% EUR86 EUR78 10.3%
These figures remain subject to full year audit and year end
stock adjustments
Crude Palm Oil Production
-- 35.5% decrease in FY2022 CPO production compared to FY2021
driven by an unprecedently low FFB harvest year.
-- 20.3% decrease in December 2022 CPO production compared to December 2021.
-- An improved CPO extraction rate of 22.1% was achieved in FY 2022 (FY 2021: 21.0%).
-- Production over the past 2-3 months has normalised compared
to historic levels which we are hopeful will continue into the
upcoming high season.
Sales and Pricing
-- 33.4% decrease in FY2022 CPO sales compared to FY2021
reflecting the lower CPO production volumes.
-- 18.1% increase in CPO prices to EUR1,025 per tonne in FY2022
compared to FY2021 (FY 2022: EUR868). This represents an annual
Company record sales price.
-- 13.8% increase in December 2022 CPO prices achieved of
EUR1,102 per tonne compared to December 2021.
-- Continued robust CPO pricing bodes well for the upcoming 2023
high season and local demand for CPO remains strong given local
supply constraints resulting from the weak harvesting year.
Palm Kernel Oil Production and Sales
-- 28.4% decrease in FY 2022 PKO sales compared to FY 2021 reflecting lower production levels.
-- Company record PKO price achieved in FY 2022 of EUR1,381 per
tonne. PKO prices have softened in H2 2022 to around EUR1,100 but
still remain at historically high levels.
Issue of Equity
In addition, application has been made to the London Stock
Exchange for the admission of a total of 550,323 ordinary shares of
EUR0.0003367 each ("Ordinary Shares") issued to certain advisers in
settlement of fees for services provided ("Admission"). It is
expected that Admission will become effective on or around 18
January 2023. Following Admission, the Company's issued share
capital will consist of 537,955,098 Ordinary Shares which may be
used by shareholders as the denominator for the calculations by
which to determine if they are required to notify their interest
in, or a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.
Dekel Executive Director Lincoln Moore said: "2022 was an
unprecedently low FFB harvest year for the Palm Oil operation.
However, a supportive price environment and internal efforts to
maximise prices, including utilising regional export markets as
well as a strong focus on operational and cost efficiencies,
including an improved CPO extraction rate, mean that the expected
2022 financial results of the Palm Oil Operation will still be
among the best performing years."
"With the annual high season commencing shortly we are hopeful
of improved FFB harvesting volumes. Together with continued robust
prices we are well positioned to see a strengthening in financial
profitability. We will continue to report the Palm Oil Operation
data monthly to ensure our shareholders are well informed during
this exciting period for the Company."
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
WH Ireland Ltd (Nomad and Joint Broker)
James Joyce
Megan Liddell +44 (0) 20 7220 1666
Optiva Securities Limited (Joint Broker)
Christian Dennis
Jeremy King +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 in
2023.
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
UPDEANFNEASDEFA
(END) Dow Jones Newswires
January 10, 2023 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
