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.
10 September 2024
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food Producers
Dekel Agri-Vision Plc
('Dekel' or the 'Company')
August 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 an August production update for its Ayenouan palm oil project in Côte d'Ivoire ('Palm Oil Operation').
Key Highlights
· The Palm Oil Operation delivered stronger like for like production in August 2024 compared to August 2023 recording an increase in Crude Palm Oil ('CPO') production of 14.5%.
· The CPO extraction rate continued its recent trend of performing well compared to last year recording a 3.8% increase in August 2024 versus August 2023. As we exit the low season over the next month, we expect CPO extraction rate to trend higher.
· Like for like August 2024 CPO sales volumes remained in line with August 2023.
· CPO sales prices increased slightly to €780 per tonne in August 2024 compared to €778 per tonne achieved last month. International CPO prices increased during August from around €900 to close to €975 per tonne. While local prices continue to trade below the international price, we expect to see an ongoing gradual increase in our local CPO sales prices in September onwards should international prices remain buoyant.
| | Aug-24 | Aug-23 | Change |
| | | | |
| FFB processed (tonnes) | 8,454 | 7,659 | 10.4% |
| CPO Extraction Rate | 19.2% | 18.5% | 3.8% |
| CPO production (tonnes) | 1,621 | 1,416 | 14.5% |
| CPO Sales (tonnes) | 1,777 | 1,786 | -0.5% |
| Average CPO price per tonne | €780 | €822 | -5.1% |
| Palm Kernel Oil ('PKO') production (tonnes) | 136 | 185 | -26.5% |
| PKO Sales (tonnes) | Nil | 815 | n/a |
| Average PKO price per tonne | n/a | €798 | n/a |
Lincoln Moore, Dekel's Executive Director, said: "We are pleased to report a 14.5% increase in CPO monthly production in August compared to last year and the continuation of the recent trend of higher CPO extraction rates compared to last year. International CPO prices remain historically high and we expect this to translate into continued increases in local CPO prices during the back end of 2024."
** 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 |
| Zeus Capital Ltd (Nomad and Joint Broker) James Joyce Darshan Patel
| +44 (0) 203 829 5000 |
| 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.
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