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 Highlights
· 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 ?788 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 | ?778 | ?1,043 | -25.4% |
| Palm Kernel Oil ('PKO') production (tonnes) | 157 | 90 | 74.4% |
| PKO Sales (tonnes) | 100 | Nil | n/a |
| Average PKO price per tonne | ?838 | 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
| +44 (0) 207 236 1177 |
| WH Ireland Ltd (Nomad and Joint Broker) James Joyce Darshan Patel Isaac Hooper
| +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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