Dekel Agri-Vision PLC February Palm Oil and Cashew Operation Update (6629S)
13 3월 2023 - 4:00PM
UK Regulatory
TIDMDKL
RNS Number : 6629S
Dekel Agri-Vision PLC
13 March 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.
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc
('Dekel' or the 'Company')
February Palm Oil Production Update and Cashew Operation
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 February production
update for its Ayenouan palm oil project in Côte d'Ivoire ('Palm
Oil Operation') and an update on progress regarding the ramp-up of
production of our large-scale cashew processing plant at Tiebissou,
Côte d'Ivoire (the 'Cashew Operation').
Key Highlight s
Palm Oil Operation
-- As per guidance in last months update, Fresh Fruit Bunch
('FFB') volumes in February did remain lower than prior year.
However, the Company saw an increase in volumes in the last 5 days
of the month. This increase in volumes has continued into early
March and FFB volumes are currently ahead of March volumes produced
last year.
-- The local market consensus is that the FFB high season did
not commence until late February. Whilst there can be no guarantees
that higher volumes will be sustained, the Directors are buoyed by
the fact that FFB volumes have improved materially over the past 2
weeks.
-- The Company is continuing to see strong local Crude Palm Oil
('CPO') demand resulting in CPO sales prices remaining close to
record levels at EUR984 per tonne. Strong local demand is driving a
local price premium. During February, the CPO price achieved was
c.5% higher than the international CPO price. Palm Kernel Oil
('PKO') prices have decreased from their all time peak levels last
year and the international price is currently trading at around
EUR1,025. With regional PKO demand softening, sales are being
carefully managed to optimise prices.
-- The CPO extraction rate of 23.3% was a record for the month
of February and together with the CPO price premium being achieved;
the Company's gross margin percentages remain healthy, albeit the
Directors would clearly like to see the early March momentum in FFB
volumes continue to enhance overall gross margins.
Feb-23 Feb-22 Change
FFB processed (tonnes) 9,418 13,683 -31.2%
CPO Extraction Rate 23.3% 22.3% 4.5%
CPO production (tonnes) 2,198 3,057 -28.1%
CPO Sales (tonnes) 2,102 3,660 -42.6%
Average CPO price per tonne EUR984 EUR979 1.0%
Palm Kernel Oil ('PKO')
production (tonnes) 131 259 49.4%
PKO Sales (tonnes) Nil 407 n/a
Average PKO price per tonne n/a EUR1,447 n/a
Cashew Operation
-- The Raw Cashew Nut ('RCN') buying season has now commenced
and the Company is now actively purchasing RCN.
-- The backlog stock of unpeeled cashew inventory announced last
month is now largely completed and are seeing an uplift in daily
production figures. As stated last month, the Company will commence
publishing financial statistics on a quarterly basis at the end of
March with the reporting date on or around the 15th following each
quarter.
-- Customer feedback for the Company's cashew products continues
to be extremely positive out of Rotterdam and the US which bodes
well in terms of maximising prices as production continues to ramp
up.
Lincoln Moore, Dekel 's Executive Director , said: "Following a
slow start to the Palm Oil Operation high season it is pleasing to
see indications in the early March that FFB volumes are lifting.
With CPO prices and CPO extraction rates remaining strong we are
keen to capitalise on these supportive factors and look forward to
reporting stronger results next month for the Palm Oil Operation as
well as our first quarterly production report for the Cashew
Operation."
** 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 +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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END
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