TIDMDKL
RNS Number : 5379O
Dekel Agri-Vision PLC
10 February 2021
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
January Palm Oil Production Update
Dekel Agri-Vision Plc, the West African focused agriculture
company, is pleased to report that the recent trend of double-digit
increases in monthly crude palm oil ('CPO') production, sales and
prices at its 100%-owned Ayenouan project in Côte d'Ivoire
('Ayenouan' or the 'Project') continued in January 2021. With
production up 52% to 3,269 tonnes, sales up 20% to 2,538 tonnes and
realised prices up 28% to EUR796 per tonne compared to January
2020, it has been an excellent start to the new year.
Jan 2021 Jan 2020 Change
FFB processed (tonnes) 15,601 10,240 52.36%
CPO production (tonnes) 3,269 2,152 51.90%
CPO sales (tonnes) 2,538 2,113 20.11%
Average CPO price/tonne EUR796 EUR624 27.56%
PKO production (tonnes) 205 157 30.57%
PKO sales (tonnes) 164 305 -46.23%
Average PKO price/tonne EUR663 EUR687 -3.49%
PKC production (tonnes) 292 250 16.80%
PKC sales (tonnes) 150 255 -41.76%
Average PKC price/tonne EUR68 EUR58 17.21%
Crude Palm Oil Production
-- 52% increase in crude palm oil ('CPO') production in January
2021 compared to January 2020 driven by:
o 52% increase in fresh fruit bunches ('FFB') delivered compared
to January 2020
-- Extraction rate of c.21% in line with January 2020 and is
expected to pick up as the high season progresses
CPO Sales and Pricing
-- 28% increase in CPO prices to EUR796 per tonne in January 2021 (January 2020: EUR624)
-- International CPO prices remain high and have been trading in
a band between $950 - $1,050 per tonne over the past month -
approaching 10-year highs
-- Current CPO prices are more than 100% higher than the lows
seen during the Q2 2020 COVID lockdown period, which the Board
believes is due to palm oil's widespread use in everyday essential
products and current shortages in global vegetable oil stocks
-- CPO sales up 20% to 2,538 tonnes in January 2021 (January 2020: 2,113 tonnes)
o All 3,268 tonnes of CPO produced in January 2021 have been
sold and are awaiting collection
o Local demand for CPO remains strong
Palm Kernel Oil ('PKO') Production and Sales
-- Higher Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC')
production in January 2020 compared to January 2021, also due to
higher FFB volumes
-- PKO and PKC production exceeded sales due to deliberate
strategy to sell slowly into the local market to maximise prices
achieved
-- Whilst local prices are gradually improving, the Company
continues to assess opportunities to export PKO to obtain access to
international prices which are currently trading at a premium to
local prices
DekelOil Executive Director Lincoln Moore said: " The reported
52% increase in volumes produced to 3,269 tonnes is an excellent
start to the important peak harvest in Cote d'Ivoire, particularly
when combined with strong CPO prices.
"This year's high season, which if it follows the typical
February to May/June timeline, is expected to coincide with the
commencement of operations at the large scale Tiebissou cashew
processing project. Having two operational projects producing two
commodities is expected to scale up and diversify our revenues and,
in the process, transform Dekel's financial profile. Together with
a strengthened balance sheet following the recent issue of a
EUR5.9million bond and GBP3.5million fundraise, we see an exciting
future ahead. With this in mind, I look forward to providing
further updates on our progress."
Production Updates
The Company will continue issuing CPO production figures on a
monthly basis to provide shareholders with increased visibility on
operations and trading during the global COVID-19 pandemic.
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
Arden Partners Plc (Nomad and Joint
Broker)
Paul Shackleton / Ruari McGirr /
Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking) +44 (0) 207 614 5900
Optiva Securities Limited (Joint Broker)
Christian Dennis
Jeremy King +44 (0) 203 137 1903
St Brides Partners Ltd (Investor Relations)
Frank Buhagiar
Cosima Akerman
Megan Dennison +44 (0) 207 236 1177
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 crude
palm oil mill; a cashew processing project in Tiebissou, which is
due to commence production in Q2 2021.
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