TIDMDKL
RNS Number : 2251B
Dekel Agri-Vision PLC
10 February 2022
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
January Palm Oil Production Update and Cashew Project Update
Dekel Agri-Vision Plc (AIM: DKL) , the West African agriculture
company focused on building a portfolio of sustainable and
diversified projects, is pleased to provide a January production
update for its Ayenouan palm oil project in Côte d'Ivoire, and an
update on the timing of the ramp-up of production of our
large-scale cashew processing plant at Tiebissou, Côte d'Ivoire
(the 'Cashew Project').
Key Highlight s
Palm Oil Project
-- 20.2% increase in January 2022 CPO production compared to January 2021
-- All time record prices of CPO of EUR995 per tonne achieved in
January 2022. PKO prices also continued their strong momentum
following the commencement of exports achieving EUR1,275 per tonne
in January 2022, a 92.3% increase compared to January 2021
-- All time record sales revenue is expected to be achieved for the month of January 2022
Cashew Project
-- Production from the Cashew project continued at approximately
15% of production capacity in January 2022 while we await the
delivery and installation of final items of equipment. See details
below
Jan-22 Jan-21 Change
FFB processed (tonnes) 18,429 15,601 18.1%
CPO production (tonnes) 3,929 3,269 20.2%
CPO Sales (tonnes) 3,303 2,538 30.1%
Average CPO price
per tonne EUR995 EUR 796 25.0%
PKO production (tonnes) 209 205 1.9%
PKO Sales (tonnes) 289 164 76.2%
Average PKO price
per tonne EUR1,275 EUR 663 92.3%
PKC production (tonnes) 330 292 13.0%
PKC Sales (tonnes) 27 150 -82.0%
Average PKC price
per tonne EUR85 EUR 68 25.0%
Crude Palm Oil
-- Production and Sales: January CPO production and sales
started the year strongly with production and sales increasing
20.2% and 30.1% respectively
-- Prices: CPO prices achieved of EUR995 per tonne were an
all-time high, reflecting the continued strong international CPO
prices
-- Extraction rate: January 2022 extraction rate increased
steadily through the month resulting in an average of 21.3%
compared to 21.0% in January 2021.
-- February 2022 early guidance: early in the month we have seen
some softening in production volumes. It is too early in the month
to be definite as volumes typically pick up towards the end of the
month. However, we have also seen a material increase in the
extraction rate in February towards 22.5% and sales prices remain
very strong
Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC')
-- Sales: Our strategy to hold back sales to maximise prices has
worked well resulting in a 76.2% increase in sales quantities at
prices much higher than were being achieved in Q4 2021
-- Prices: 92.3% increase in PKO prices to EUR1,275 per tonne
compared to EUR663 in January 2021. We are pleased to confirm our
strategy to export PKO at higher prices has continued to be
successful.
Cashew Project
-- As outlined in our previous announcement dated 6 January,
cashew production has now commenced. However, due to the challenges
faced by our manufacturers obtaining some key components,
production remains at around 15% of capacity whilst we await the
delivery of the remaining components
-- The latest timeline provided by our Contractor is that the
remaining key items including the colour sorter and shelling
machines will arrive on site in March and April. We are assisting
our contractor where we can, to avoid unnecessary further
delays
-- Whilst the delay in ramping up to full capacity is
frustrating, we can confirm the Cashew processing is operating well
and we have also commenced pilot cashew sales locally
-- We continue to receive strong support from our local
stakeholders. Our key debt provider, the BIDC Bank, has extended
the principal grace period of its c.EUR4.6m loan from 2 to 3 years,
acknowledging that the delay in commencing full-scale production
was beyond the Company's control
Lincoln Moore, Dekel 's Executive Director , said: "Record CPO
prices and strong production in January are expected to deliver
record revenues for January. Whilst early indications in February
are we may break the 5-month trend of like for like monthly
production growth, the efforts we have put into increasing our
extraction rate in Q4 2021 appear to be paying dividends, and the
CPO price outlook continues to remain strong"
" The Cashew project has commenced operations successfully,
however, the ramp-up to full production is taking time. We are
working with the contractor to minimise any further delays. We
continue to believe the Cashew project has the potential to become
a very profitable operation, so together with our shareholders we
are anxious to ramp up to full production as quickly as possible in
the coming months"
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 /
Elliot Mustoe (Corporate Finance) +44 (0) 207 614 5900
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 crude
palm oil mill; a cashew processing project in Tiebissou, which
commenced production in early January 2021.
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END
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