Dekeloil Public Limited Q3 2017 Update (4832U)
24 October 2017 - 11:15PM
UK Regulatory
TIDMDKL
RNS Number : 4832U
Dekeloil Public Limited
24 October 2017
DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food
Producers
DekelOil Public Limited ('DekelOil' or the 'Company')
Q3 2017 Update
DekelOil Public Limited, operator and owner of the profitable
and vertically integrated Ayenouan palm oil project in Côte
d'Ivoire (the 'Project'), announces an amendment to its Q3
Production & Sales Update announced on 18 October 2017.
The EUR6.4 million of product sales (excluding nursery),
announced on 18 October 2017, included a c.EUR1 million portion of
product sales with cash paid upfront, which were not produced by 30
September. For accounting revenue recognition purposes, these
sales, which will be delivered and recorded as sales from October
onwards, should therefore not be included in Q3 2017, meaning the
Company has revised the total product sales figure (excluding
nursery) for the period to EUR5.4 million.
Updated Q3 2017 production and sales figures for Crude Palm Oil
('CPO'), Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC') at
the Company's profitable and vertically integrated Ayenouan palm
oil project in Côte d'Ivoire (the 'Project'), are detailed in the
table below:
Q3 2017 Q3 2016 Increase H1 2017
/ Decrease
Product Sales (excluding EUR5.4 EUR6.5 EUR19.6
nursery) m m -17% m
FFB collected (tonnes) 21,626 27,418 -21% 117,706
CPO production (tonnes) 4,734 5,823 -19% 26,947
CPO Sales (tonnes) 7,217 9,542 -24% 24,570
Average CPO price
per tonne EUR655 EUR612 +7% 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
Following this amendment, the Company has enhanced the revenue
recognition cut off control reconciliation process and will
continue reviewing its internal processes and controls.
** 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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