Dekel Agri-Vision PLC November Palm Oil Production Update (1412I)
December 10 2020 - 1:00AM
UK Regulatory
TIDMDKL
RNS Number : 1412I
Dekel Agri-Vision PLC
10 December 2020
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
November Palm Oil Production Update
Dekel Agri-Vision Plc, the West African focused agriculture
company, is pleased to report a production update for its
100%-owned, vertically integrated palm oil project at Ayenouan in
Côte d'Ivoire for November 2020. Across the board double-digit
growth in key performance indicators has been recorded at Ayenouan
for November 2020, including a 38% increase in crude palm oil
('CPO') production to 1,530 tonnes, a 22% increase in CPO sold to
1,515 tonnes and a 26% increase in CPO sales prices to EUR664 per
tonne compared to November 2019.
Nov-20 Nov-19 Change
FFB processed (tonnes) 7,441 5,350 39.08%
CPO production (tonnes) 1,530 1,108 38.09%
CPO Sales (tonnes) 1,515 1,243 21.88%
Average CPO price per
tonne EUR664 EUR 525 26.47 %
PKO production (tonnes) 124 97 27.84%
PKO Sales (tonnes) 367 nil na
Average PKO price per EUR579 na na
tonne
PKC production (tonnes) 177 157 12.74%
PKC Sales (tonnes) 266 152 75.00%
Average PKC price per
tonne EUR61 EUR 58 5.17 %
Production
-- 38% increase in CPO production in November 2020 compared to November 2019
-- 39% increase in fresh fruit bunches ('FFB') delivered to the
mill for processing compared to November 2019
-- Higher Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC')
production in November 2020 compared to November 2019, also due to
higher FFB volumes
Sales and Pricing
-- 26.5% increase in CPO prices achieved to EUR664 per tonne
(November 2019: EUR525) and 22% increase in CPO sales to 1,515
tonnes (November 2019: 1,243 tonnes)
o Continued restocking post COVID lockdowns by key buying
nations, including China, combined with low stock levels in major
producing countries such as Malaysia contributed to pricing and
sales performance
o Dekel believes strong global pricing during the ongoing
pandemic can be attributed to palm oil's widespread use in everyday
essential products
-- International CPO prices are currently trading at over US$900
per tonne which bodes well for local pricing in the coming months
that coincide with the commencement of the 2021 high season
o Local CPO prices mechanically lag the international price for
4-6 weeks
-- Recent strengthening in international PKO prices is starting to be reflected in local pricing
-- PKO sales of 367 tonnes exceeded PKO production of 124 tonnes
due to strong monthly production and partial collection of
previously sold oil that was being stored at Ayenouan
Dekel Agri-Vision Plc Executive Director Lincoln Moore said:
"For the second consecutive month, we are reporting double-digit
increases in CPO production, sales and prices compared to the
equivalent period last year. Following material year on year
improvements in the first half, we are increasingly confident that,
with just one month to go, FY 2020 numbers will show a material
improvement compared to FY2019 and at least hit market
forecasts.
"With the global palm oil pricing environment currently highly
supportive, we are looking forward to the start of the high season
in Cote d'Ivoire, which typically runs from late January to May.
Together with the commencement of high margin cashew processing
operations at Tiebissou in Q2 2021, we expect the year ahead will
result in a step-up in Dekel's financial performance and profile
and I look forward to providing further updates on our
progress."
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
www.dekelagrivision.com or contact:
Dekel Agri-Vision Plc
Youval Rasin
Shai Kol
Lincoln Moore +44 (0) 207 236 1177
Arden Partners Plc (Nomad and Joint Broker)
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
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 crude
palm oil mill; a cashew processing project in Tiebissou, which is
due to commence production in Q2 2021.
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END
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