Share Name Share Symbol Market Type Share ISIN Share Description
Dekel Agri-vision Plc LSE:DKL London Ordinary Share CY0106502111 ORD EUR0.0003367 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 4.75 4.60 4.90 4.75 4.75 4.75 43,011 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 20.1 -1.9 -0.9 - 25

Dekel Agri-Vision PLC March & Q1 Palm Oil Production Update

08/04/2021 7:00am

UK Regulatory (RNS & others)

Dekel Agri-vision (LSE:DKL)
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From Feb 2021 to Aug 2021

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RNS Number : 7512U

Dekel Agri-Vision PLC

08 April 2021

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

Dekel Agri-Vision Plc ('Dekel' or the 'Company')

March & Q1 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 first quarter production update for its 100%-owned Ayenouan palm oil project in Côte d'Ivoire ('Ayenouan' or the 'Project').

Highlight s

-- Record monthly crude palm oil (' CPO') production volumes registered in March 2021 - 6,895 tonnes, a 9% increase on March 2020 (6,314 tonnes), the previous best month

-- Strong step-up in CPO production and sales in Q1 2021, relative to Q1 2020, driven by strong monthly performances

o 27% increase in CPO production to 15,327 tonnes (Q1 2020: 12,081 tonnes)

   o  26% increase in CPO sales   to 13,921 tonnes (Q1 2020: 11,047 tonnes) 

-- 20% increase in average realised CPO prices to EUR794 per tonne in Q1 2021 (Q1 2020: EUR664)

-- Tracking well to deliver a material uplift in H1 2021 financial results compared to last year due to excellent CPO production, sales and pricing performances in Q1

Lincoln Moore, Dekel 's Executive Director , said: "In the eight years since Ayenouan has been producing palm oil, Q1 2021 represents one of the best quarterly performances recorded. Not only are volumes of CPO produced and sold significantly up on the prior year but so too are average realised prices. This combination is driving a very strong H1 financial performance."

                            Mar-20   Mar-21    Change   Q1 2020   Q1 2021   Change 
 FFB processed (tonnes)     29,108   32,261    10.83%    55,895    71,500   27.92% 
 CPO production (tonnes)     6,314    6,895     9.20%    12,081    15,327   26.86% 
 CPO Sales (tonnes)          5,433    6,629    22.01%    11,047    13,921   26.02% 
 Average CPO price 
  per tonne                 EUR673   EUR793    17.83%    EUR664    EUR794   19.54% 
 PKO production (tonnes)       404      329   -18.56%       771       804    4.28% 
 PKO Sales (tonnes)            219      398    81.74%       523       967   84.89% 
 Average PKO price 
  per tonne                 EUR633   EUR830    31.12%    EUR664    EUR780   17.47% 
 PKC production (tonnes)       583      505   -13.38%     1,169     1,187    1.54% 
 PKC Sales (tonnes)            265      529    99.62%       827       978   18.26% 
 Average PKC price 
  per tonne                  EUR61    EUR78    27.87%     EUR62     EUR74   19.35% 

Crude Palm Oil Production

-- Record performance in March 2021 combined with strong year on year improvements in January and February volumes drove 27% increase in CPO produced in Q1 2021 compared to Q1 2020

o 9% increase in CPO produced in March to 6,895 tonnes (March 2020: 6,314 tonnes)

o 43% increase in CPO produced in February to 5,163 tonnes (Feb 2020: 3,615 tonnes)

o 52% increase in CPO produced in January to 3,269 tonnes (Jan 2020: 2,152 tonnes)

-- Strong Q1 production follows 28% increase in fresh fruit bunches ('FFB') delivered to the mill for processing compared to Q1 2020

-- CPO extraction rate of 21.4% achieved in Q1 - marginally below the 21.6% recorded in Q1 2020

CPO Pricing and Sales

   --      26% increase in CPO sales to 13,921 tonnes during Q1 (Q1 2020: 11,047 tonnes) 
   --      20% increase in average realised CPO prices to EUR794 per tonne during Q1 (Q1 2020: EUR664) 

-- International CPO prices continue to trade at multi-year highs of EUR875 to EUR925 per tonne

-- Dekel continues to support industry initiative to help shield the local population from the current very high global prices for CPO, a vital food source in Côte d'Ivoire, by smoothing out prices at around EUR800 per tonne

o Under the initiative it is expected local prices will hold around this level even if international prices soften below the EUR800 mark in the months ahead, potentially locking in very high prices for Dekel for the remainder of the high season and possibly beyond

Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC') Production and Sales

-- 4% increase in PKO produced and 2% increase in PKC volumes to 804 and 1,187 tonnes respectively in Q1 2021 compared to Q1 2020

-- PKO and PKC sales exceeded production in March due to high inventory of nuts which Dekel intends to process in the coming months to capitalise on rising local price levels

o Average PKO price per tonne up 31% to EUR830 in March

o Average PKC price per tonne up 27% to EUR78 in March

o Local PKO prices continue to catch up with international levels

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 or contact:

 Dekel Agri-Vision Plc 
  Youval Rasin 
  Shai Kol 
  Lincoln Moore                                 +44 (0) 207 236 1177 
 Arden Partners Plc (Nomad and Joint 
  Paul Shackleton / Ruari McGirr / 
  Dan Gee-Summons (Corporate Finance) 
  Simon Johnson (Corporate Broking)             +44 (0) 207 614 5900 
 Optiva Securities Limited (Joint Broker) 
  Christian Dennis 
  Jeremy King                                   +44 (0) 203 137 1903 
 St Brides Partners Ltd (Investor Relations) 
  Frank Buhagiar 
  Cosima Akerman 
  Megan Dennison                                +44 (0) 207 236 1177 


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 is due for commissioning in June 2021.

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(END) Dow Jones Newswires

April 08, 2021 02:00 ET (06:00 GMT)

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