TIDMDKL
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
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 for commissioning in June 2021.
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END
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