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Follows March 2013 AIM listing
DekelOil Public Limited, a palm oil development company with interests in Côte d’Ivoire, has announced its final audited results for the year ended 31 December 2013.
Highlights:
· Successful listing on AIM in March 2013 in tandem with a £2.3 million fundraising to accelerate strategy to become a major West African CPO producer
· Construction of 60t/hr CPO extraction mill completed by year end on budget and ahead of schedule
o Operations at the Mill commenced and first revenues generated post period end in time for peak harvesting season
o EBITDA positive in the first month of operations in March 2014
o 13 year corporation tax exemption for the Mill secured
· Establishment of logistics network including collection hubs to ensure efficient delivery of fruit to the Mill
· Award of a turnkey contract for the construction of an Effluent Treatment Plant (‘ETP’) to provide an environmentally friendly waste water solution at the Mill – due to be operational in 2014
· Advanced discussions during the year with a number of third parties led to signing of three off-take agreements for CPO with three local refiners post period end – covers all anticipated 2014 CPO production
· Post period end Nubuke, an African focused fund, invested £600,000 at 1.5p per share
DekelOil Executive Director Lincoln Moore said, “Having already secured long term contracts with 5,000 local smallholders covering 27,000 hectares of mature plantations, established a state of the art nursery, and planted almost 2,000 hectares of our own estates prior to our IPO, the construction of one of West Africa’s largest extraction mills in the Côte d’Ivoire was our focus during the year under review.
“With construction of the Mill completed by year end, DekelOil is now a vertically integrated palm oil company with growing CPO production and revenues. The year ahead will see us use this as a platform from which we will look to build a leading West African palm oil company.”
