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Dekel Agri-Vision (DKL)

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Monday 10 May, 2021

Dekel Agri-Vision

April Palm Oil Production Update

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

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

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 €803 per tonne in April compared to April 2021

Brings average realised CPO prices for year to date to €794 per tonne, 24.6% higher than the €637 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 €15.4m revenues, €1.9m EBITDA and €0.4m 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

€803

€577

39.2%

€794

€637

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

€838

€610

37.4%

€791

€648

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

€80

€59

35.6%

€75

€61

23.0%

 

Crude Palm Oil

· Production: 5,147 tonnes of CPO produced in April 2021 (April 2020: 6,143 tonnes)

Brings total CPO produced year to date to 20,474 tonnes, 12.3% higher than 2020 (18,224 tonnes)

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

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)

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 €803 per tonne (April 2020: €577)

Brings year to date average realised prices to €794, a 24.6% increase on equivalent period in 2020

International CPO prices trading near 10-year highs in a band between €900-1,000 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

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

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 €838 per tonne compared to €610 in April 2020

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

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

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 €80 per tonne compared to €59 per tonne in April 2020

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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