Dekel Agri-Vision PLC January Palm Oil and Cashew Operation Update (7912P)
14 Février 2023 - 8:00AM
UK Regulatory
TIDMDKL
RNS Number : 7912P
Dekel Agri-Vision PLC
14 February 2023
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
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 Operation
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 ('Palm
Oil Operation') and an update on progress regarding the ramp-up of
production of our large-scale cashew processing plant at Tiebissou,
Côte d'Ivoire (the 'Cashew Operation').
Key Highlight s
Palm Oil Operation
-- January can be summarised as a month of record January
monthly Crude Palm Oil ('CPO') prices and record January CPO
extraction rate offset by weak Fresh Fruit Bunch ('FFB')
volumes.
-- The weak FFB volumes were attributed to unusually high FFB
prices paid by one of our competitors which Dekel elected not to
match in order to adhere to prices set by the local industry body.
FFB prices in early February have normalised.
-- Crude Palm Oil ('CPO') prices achieved in January of EUR1,089
per tonne was a record for the month of January and materially
higher than the international CPO price which traded around EUR950
per tonne.
-- The CPO extraction rate of 23% was also a record for January
and coupled together with record January prices led to the gross
margin percentage remaining strong.
-- FFB volumes in February have started quite low as small
holders have held back harvesting in an attempt to enhance prices
similar to January. However, we are starting to see an uplift in
FFB volumes which should continue to increase towards month
end.
-- With FFB prices now appearing to stabilise, the CPO
extraction rate remaining high and CPO selling prices at over
EUR950 per tonne gross margin percentages remain healthy.
Jan-23 Jan-22 Change
FFB processed (tonnes) 7,892 18,429 -57.2%
CPO Extraction Rate 23.0% 21.3% 8.0%
CPO production (tonnes) 1,818 3,929 -53.7%
CPO Sales (tonnes) 1,693 3,303 -48.7%
Average CPO price per tonne EUR1,089 EUR995 9.5%
Palm Kernel Oil ('PKO')
production (tonnes) 82 209 -60.8%
PKO Sales (tonnes) 30 289 -89.6%
Average PKO price per tonne EUR1,143 EUR1,275 -10.4%
Cashew Operation
-- The Cashew Operation production is continuing to increase
steadily. We are continuing to process material quantities of
historical stock which was awaiting final peeling before sale. Once
this back log of unpeeled inventory is completed over the next
month we will move into a phase of smooth production and we intend
to start publishing financial statistics on a quarterly basis at
the end of March with the reporting date on or around the 15th
following each quarter.
-- Cashew sales quantities have increased materially since Q4
2022 and we continue to sell to a number of parties locally and
internationally.
-- The Raw Cashew Nut ('RCN') buying season will commence
shortly. We currently hold approximately 1,800tn of RCN and will be
actively seeking to buy over the coming months to support our 2023
processing forecasts.
-- The acquisition of the final 29.3% shareholding of the Cashew
Operation was successfully completed on 10 February resulting in
Dekel achieving 100% ownership.
Lincoln Moore, Dekel 's Executive Director , said: "High CPO
prices and CPO extraction rates continue to underpin the solid
financial performance of the Palm Oil Operation. March and April
are typically the best FFB volume months and will be important in
terms of driving H1 financial performance. The Cashew Operation is
now becoming a material contributor to financial performance and we
look forward to reporting ongoing quarterly statistics for Q1 2023
onwards."
** 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
WH Ireland Ltd (Nomad and Joint Broker)
James Joyce
Megan Liddell +44 (0) 20 7220 1666
Optiva Securities Limited (Joint Broker)
Christian Dennis
Daniel Ingram +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 capacity
crude palm oil mill and a cashew processing project in Tiebissou,
which is currently transitioning to full commercial production in
2023.
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END
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