Dekel Agri-Vision 1,852 tonnes of CPO sold in August 2021, 25% higher than August 2020

Dekel Agri-Vision Plc (LON:DKL) , the West African agriculture company focused on building a portfolio of sustainable and diversified projects, has provided an August production update for its 100% owned Ayenouan palm oil project in Côte d’Ivoire.

Key Highlights

· Positive August like for like production and pricing results recorded across all key production metrics

· 1,852 tonnes of CPO sold in August 2021, 25.0% higher than August 2020 as stock on hand post the high season was sold into a buoyant local CPO market

· PKO sales 181.3% higher than August 2020 as a significant portion of high season stock on hand was sold during the month

· CPO prices continue to remain very strong with average prices achieved in August 2021 of €947, a 76.0% increase in average realised CPO prices compared to August 2020

· International CPO prices continue to remain at 10 year highs.  Should prices remain around this level over the coming months, we are very well placed to continue this period of strong momentum into the next high season commencing mid January

Lincoln Moore, Dekel’s Executive Director said: “International prices have continued to remain at cyclical high levels as stock levels in the main producing countries remain tight and key buying countries continue to restock as global markets continue to reopen. Coupled together with robust production levels to date in H2 2021, the palm oil project is continuing to perform extremely well in 2021.”

“With the upcoming half year report expected to show a more profitable H1 financial performance compared to last year, and with the large scale cashew processing project remaining on course to commence first production within the next 60 days, Dekel is well placed to deliver a material step up in financial performance over the next 6-12 months and I look forward to providing further updates in due course.” 

 Aug-21Aug-20Change
    
FFB processed (tonnes)8,4697,04420.2%
CPO production (tonnes)1,6781,5816.1%
CPO Sales (tonnes)1,8521,48225.0%
Average CPO price per tonne€947€53876.0%
PKO production (tonnes)16910167.3%
PKO Sales (tonnes)571203181.3%
Average PKO price per tonne€832€55450.2%
PKC production (tonnes)29319649.5%
PKC Sales (tonnes)211239-11.7%
Average PKC price per tonne€80€6033.3%

Crude Palm Oil

· Production: Like for like CPO production increased 6.1% in August 2021 compared to August 2020.  This resulted from high FFB quantities offsetting weaker extraction rates

· Sales: A continuation of the sale of stock on hand at the end of the high season, led to a 25.0% increase in sales in August 2021 compared to August 2020

· Prices: Critically, CPO sales prices remained very strong at €947, 76.0% higher than prices achieved in August 2020

o  International CPO prices continue to trade at multi-year highs in a range of €900 – €1,025 per tonne

Palm Kernel Oil and Palm Kernel Cake

· Production: PKO and PKC production increased 67.3% and 49.5% respectively as processing of material on hand normalised following a period of mechanical disruption in July

· Sales:  181.3% increase in PKO sales quantities as stock on hand post the high season continued to unwind

· Prices: 50.2% increase in PKO prices to €832 per tonne compared to August 2020.  As with previous months, local PKO prices continue to slowly improve with August being our highest prices achieved to date this year

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. 

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