Dekeloil Public Limited Q3 2017 Production & Sales Update (8796T)
18 October 2017 - 5:00PM
UK Regulatory
TIDMDKL
RNS Number : 8796T
Dekeloil Public Limited
18 October 2017
DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food
Producers
18 October 2017
DekelOil Public Limited ('DekelOil' or the 'Company')
Q3 2017 Production & Sales Update
DekelOil Public Limited, operator and owner of the profitable
and vertically integrated Ayenouan palm oil project in Côte
d'Ivoire (the 'Project'), is pleased to provide a production and
sales update for the quarter ended 30 September 2017.
Q3 2017 production and sales figures for Crude Palm Oil ('CPO'),
Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC') at the
Project, which includes one of West Africa's largest extraction
mills, are detailed in the table below:
Q3 2017 Q3 2016 Increase H1 2017
/ Decrease
Product Sales (excluding EUR6.4 EUR6.5 EUR19.6
nursery) m m -2% m
FFB collected (tonnes) 21,626 27,418 -21% 117,706
CPO production (tonnes) 4,734 5,823 -19% 26,947
CPO Sales (tonnes) 8,952 9,542 -6% 24,570
Average CPO price
per tonne EUR640 EUR612 +5% EUR707
PKO production (tonnes) 464 522 -11% 1,648
PKO Sales (tonnes) 704 719 -2% 1,322
Average PKO price
per tonne EUR904 EUR832 +9% EUR1,015
PKC production (tonnes) 662 666 -0.6% 2,204
PKC Sales (tonnes) 668 606 +10.% 2,229
Average PKC price
per tonne EUR42 EUR49 -14% EUR51
-- Production for the nine months to 30 September 2017 totalled
31,681 tonnes of CPO, 2,112 tonnes of PKO, and 2,866 tonnes of PKC
compared to 34,323 tonnes of CPO and 2,520 tonnes of PKO in the
comparable nine month period in 2016
o Lower Q3 production caused by relatively poor harvest in what
is typically a low season in Côte d'Ivoire
-- CPO sold at EUR640, 11% premium to international benchmark
prices, enabling total product sales for the nine month period to
30 September 2017 to be in line with the equivalent period last
year despite lower year on year Q3 production
o CPO international benchmark prices averaged EUR578 during
Q3
-- Validates management's ongoing strategy to maximise value
from each fruit processed - installation of extra 3,000 tonne
storage tank in Q2 provides DekelOil with flexibility over timing
of CPO sales and prices achieved
DekelOil Executive Director Lincoln Moore said, "As an
agricultural company, fluctuations in harvests from one year to the
next are par for the course and were experienced by all Mill
operators during Q3. At the financial level, specifically in terms
of the value of total product sales, we have been able to offset
much of the lower production caused by the relatively poor harvest
season: the installation of a 3,000 tonne storage tank earlier this
year allowed us to finesse the timing of sales to achieve higher
prices. We intend to utilise the remainder of the low season to
embark on further value-adding initiatives in time for the start of
the next peak harvesting period, and I look forward to providing
further updates on our progress in due course."
** ENDS **
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.
For further information please visit the Company's website
www.dekeloil.com or contact:
DekelOil Public Limited
Youval Rasin
Shai Kol +44 (0) 207
Lincoln Moore 236 1177
Cantor Fitzgerald Europe
(Nomad and Broker)
Andrew Craig +44 (0) 207
Richard Salmond 894 7000
Beaufort Securities Limited
(Broker)
Zoe Alexander +44 (0) 207
Elliot Hance 382 8300
Optiva Securities Limited
(Broker)
Christian Dennis +44 (0) 203
Jeremy King 137 1903
St Brides Partners Ltd (Investor
Relations) +44 (0) 207
Frank Buhagiar 236 1177
Notes:
DekelOil Public Limited is a low cost producer of palm oil in
West Africa, which it is focused on rapidly expanding. Feedstock
for the Mill comes from several co-operatives and thousands of
smallholders, however it also has nearly 1,900 hectares of its own
plantations. Furthermore, it has a world-class nursery with a 1
million seedlings a year capacity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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