Dekeloil Public Limited Q3 2017 Update (4832U)

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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October 24, 2017 08:15 ET (12:15 GMT)