DekelOil announce interim 187% Increase in revenue

What are the details?

DekelOil Public Limited, operator and 51% owner of the vertically integrated Ayenouan palm oil project in Côte d’Ivoire, has announced its interim results for the six months ended 30 June 2015.

Highlights:

· Record half yearly production of 21,836 (2014: 7,932) tonnes of crude palm oil and 3,733 (2014: 1,311) tonnes of kernels for the period

o Six monthly figures represent a 53% increase on the tonnages produced for the full year of 2014

· 187% increase in revenues to €12,936,000 (2014: €4,505,000) and an eight-fold increase in EBITDA to €2.3 million (2014: €300,000)

o Derived through selling 19,184 tonnes of CPO and 3,760 tonnes of kernel (2014: 5,559 tonnes and 1,253 tonnes respectively)

· Commencement of initiatives to increase sales and profitability via the sale of Palm Kernel Oil and Palm Kernel Cake at Ayenouan from a Kernel Crushing Plant which is under construction at present and which is expected to commence operations in Q4 2015
· Strong progress being made to establish the Company as the first Round Table for Sustainable Palm Oil certified, fully functioning producer of CPO in Côte d’Ivoire
· The Board expects that like-for-like CPO production volumes will be higher in H2 2015 in comparison to the same period last year and for production to continue to increase in 2016

DekelOil Executive Director Lincoln Moore said, “DekelOil has a proven ability to execute growth initiatives effectively and I am pleased to report that our revenues and EBITDA have been impacted very positively as a result of our activities during the first six months of the year. Having announced record production from our world-class Mill during the period, we are now focused on building on this momentum to deliver further value for shareholders. Our KCP will play an important role in this strategy and we look forward to this becoming operational in Q4 2015. Importantly, we are dedicated to delivering our growth sustainably and are pleased with the progress made towards becoming certified as a sustainable producer of palm oil in West Africa.”

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