Dekel Agri-Vision PLC Record November Palm Oil Production Update (2539W)

TIDMDKL

RNS Number : 2539W

Dekel Agri-Vision PLC

11 December 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.

11 November 2023

Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food Producers

Dekel Agri-Vision Plc

('Dekel' or the 'Company')

Record November Palm Oil Production 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 record November 2023 monthly production update for its Ayenouan palm oil project in Côte d'Ivoire ('Palm Oil Operation').

Key Highlight s

-- The Palm Oil Operation performed well above expectations during November 2023 recording an increase in Crude Palm Oil ('CPO') production of 152.4% compared to November last year. This is a record November monthly production performance and continues a 9 month streak of higher like for like monthly CPO production.

-- Like for like November 2023 CPO sales volumes were also 82.1% higher than last year due to the strong monthly CPO production.

-- CPO sales prices in November remained steady at EUR788 per tonne. Local CPO prices remain below international CPO prices but in turn our FFB purchase prices have also decreased resulting in healthy gross margins being achieved.

-- The CPO extraction rate increased materially from last month to return to strong levels of 21.7%, which was 3.8% higher than November 2022. This also contributed to a healthly monthly gross margin performance.

 
                                Nov-23     Nov-22   Change 
 
 FFB processed (tonnes)         17,818      7,361   142.1% 
 CPO Extraction Rate             21.7%      20.9%     3.8% 
 CPO production (tonnes)         3,875      1,535   152.4% 
 CPO Sales (tonnes)              3,256      1,788    82.1% 
 Average CPO price per tonne    EUR778   EUR1,043   -25.4% 
 Palm Kernel Oil ('PKO') 
  production (tonnes)              157         90    74.4% 
 PKO Sales (tonnes)                100        Nil      n/a 
 Average PKO price per tonne    EUR838        n/a      n/a 
 

Lincoln Moore, Dekel 's Executive Director , said: "A 152.4% increase in CPO production in November compared to last year was an exceptional outcome and together with a significant improvement in the CPO extraction rate has contributed to a record November monthly performance. We look forward to the Palm Oil Operation finishing the year strongly and reporting our annual 2023 production results in early January."

** 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                              [phone] 
 WH Ireland Ltd (Nomad and Joint Broker) 
  James Joyce 
  Darshan Patel 
  Isaac Hooper                               [phone] 
 Optiva Securities Limited (Joint Broker) 
  Christian Dennis 
  Daniel Ingram                              [phone] 
 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDTMBITMTABBTJ

(END) Dow Jones Newswires

December 11, 2023 02:00 ET (07:00 GMT)