TIDMDKL
RNS Number : 9991X
Dekel Agri-Vision PLC
10 May 2021
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
April 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 April and cumulative
year to date production update for its 100%-owned Ayenouan palm oil
project in Côte d'Ivoire ('Ayenouan' or the 'Project').
Highlight s
-- 5,147 tonnes of crude palm oil ('CPO') produced in April 2021
o Brings cumulative CPO production for year to date to 20,474
tonnes, a 12.3% increase on production during the equivalent
four-month period in 2020
-- 4,971 tonnes of CPO sold in April 2021
o Brings cumulative CPO sales for year to date to 18,892 tonnes,
a 17.0% increase on sales during the equivalent four-month period
in 2020
-- 39.2% increase in average realised CPO prices to EUR803 per
tonne in April compared to April 2021
o Brings average realised CPO prices for year to date to EUR794
per tonne, 24.6% higher than the EUR637 per tonne achieved over the
equivalent four-month period in 2020
-- Combination of double-digit year to date increases in CPO
production, sales and prices puts Dekel on course to post a
material uplift in its H1 2021 financial results compared to H1
2020
Lincoln Moore, Dekel 's Executive Director , said: "Thanks to
year-to-date CPO production, sales and prices up 12.3%, 17.0% and
24.6% respectively compared to the equivalent period in 2020, we
are confident that Ayenouan is on course to post a material
improvement in its first half financial performance, surpassing H1
2020's EUR15.4m revenues, EUR1.9m EBITDA and EUR0.4m net profits.
Together with the progress made at our large-scale cashew
processing project at Tiebissou, the construction of which is
nearing completion, and the recent long term debt refinancing, 2021
is shaping up to be the transformative year we hoped it would
be."
Apr-21 Apr-20 Change YTD2021 YTD2020 Change
FFB processed (tonnes) 24,010 26,556 -9.6% 95,510 82,451 15.8%
CPO production (tonnes) 5,147 6,143 -16.2% 20,474 18,224 12.3%
CPO Sales (tonnes) 4,971 5,106 -2.6% 18,892 16,153 17.0%
Average CPO price
per tonne EUR803 EUR577 39.2% EUR794 EUR637 24.6%
PKO production (tonnes) 322 398 -19.1% 1,126 1,169 -3.7%
PKO Sales (tonnes) 216 219 -1.4% 1,183 743 59.2%
Average PKO price
per tonne EUR838 EUR610 37.4% EUR791 EUR648 22.1%
PKC production (tonnes) 529 558 -5.2% 1,716 1,727 -0.60%
PKC Sales (tonnes) 349 691 -49.5% 1,327 1,518 -12.6%
Average PKC price
per tonne EUR80 EUR59 35.6% EUR75 EUR61 23.0%
Crude Palm Oil
-- Production: 5,147 tonnes of CPO produced in April 2021 (April 2020: 6,143 tonnes)
o Brings total CPO produced year to date to 20,474 tonnes, 12.3%
higher than 2020 (18,224 tonnes)
o April production below last year's volumes due to lower
deliveries of fresh fruit bunches ('FFB'), lower oil content of the
fruit, and exceptional comparatives in April 2020
o April CPO extraction rate of 21.4% lower than Q1 2021's 23.1%
due to reduced FFB oil content
-- Sales: 4,971 tonnes sold in April 2021 in line with April 2020 (5,106 tonnes)
o Brings total CPO sold year to date to 18,892 tonnes, 17.0%
higher than 16,153 tonnes sold in equivalent period in 2020
-- Prices: 39.2% increase in average realised CPO prices to
EUR803 per tonne (April 2020: EUR577)
o Brings year to date average realised prices to EUR794, a 24.6%
increase on equivalent period in 2020
o International CPO prices trading near 10-year highs in a band
between EUR900-1,000 per tonne continue to generate strong margins
at Ayenouan
Palm Kernel Oil ('PKO')
-- Production: 322 tonnes of PKO produced in April 2021 compared to 398 tonnes in April 2020
o Lower year on year production follows exceptionally strong
April 2020 FFB deliveries to the mill
-- Sales: 216 tonnes sold in April 2021 in line with 219 tonnes sold in April 2020
o Lower April 2021 sales compared to April 2021 production due
to Dekel strategy of holding back stock to capitalise on rising
local PKO price levels
-- Prices: 37.4% increase in PKO prices to EUR838 per tonne compared to EUR610 in April 2020
o Local PKO prices continue to catch up with international
benchmarks
Palm Kernel Cake ('PKC')
-- Production: 529 tonnes of PKC produced in April 2021 compared to 558 tonnes in April 2020
o 5.2% year on year reduction in production due to lower FFB
volumes
-- Sales: 349 tonnes sold in April 2021 compared to 691 tonnes in April 2020
o Lower April 2021 sales compared to April 2020 production due
to Dekel strategy of holding back stock to capitalise on rising
local PKC price levels
-- Prices: 35.6% increase in average realised PKC prices to
EUR80 per tonne compared to EUR59 per tonne in April 2020
o Local PKC prices continue to catch up with international
benchmarks
Production Updates
The Company will continue issuing CPO production figures on a
monthly basis to provide shareholders with visibility on operations
and trading during the global COVID-19 pandemic.
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 June 2021.
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