LONDON: Dekel Agri-Vision Plc, the West African focused agriculture company, has reported 54 percent increase in crude palm oil production to 1,965 tonnes from its vertically integrated palm oil project at Ayenouan in Côte d’Ivoire for September 2020.
Crude palm oil (CPO) production at the company’s mill at Ayenouan increased 54% to 1,965 tonnes in September 2020 compared to the 1,274 tonnes produced in September 2019.
Following September’s strong performance, Q3 2020 saw 5,280 tonnes of CPO produced at Ayenouan, a 10% increase on Q3 2019’s 4,803 tonnes. In addition, September 2020 saw a continuation of the recent trend of improved global CPO pricing and higher extraction rates with CPO prices up 38% to €604 per tonne (Sept 2019: €438 per tonne) and extraction rates up to 21.2% (Sept 2019: 18.7%).
As a result, the Company’s H2 2020 results remain on course to post a material improvement on H2 2019.
Dekel Agri-Vision Plc Executive Director Lincoln Moore said: “September’s excellent numbers have driven an improved set of Q3 figures in line with expectations, which in turn builds on the material uplift in performance we reported for H1 2020. At the time of our half year numbers, we said we expect to report a material improvement in H2 2020 results compared to H2 2019. Today’s figures only serve to increase our confidence further.
“With the next peak palm oil harvest season due to commence in January 2021 and the commissioning of our large scale cashew processing project at Tiebissou expected in Q2 2021, the next few months promise to be an exciting period for shareholders, as we look to take a major step towards building a multi-project, multi-commodity agriculture business.”
In addition, application has been made to the London Stock Exchange for the admission of a total of 438,201 ordinary shares of €0.0003367 each issued to certain advisers in settlement of fees for services provided.
It is expected that Admission will become effective on or around 16 October 2020. Following Admission, the Company’s issued share capital will consist of 424,651,486 Ordinary Shares.
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.