Dekel Agri-Vision Plc, a West African agricultural company, has shared an update regarding its palm oil operations at the Ayenouan project in Côte d’Ivoire for August 2024. The company recorded a 14.5% increase in crude palm oil (CPO) production compared to the same period in 2023. The extraction rate also improved by 3.8% year-on-year, reflecting a continued positive trend in efficiency. As the palm oil sector exits the low season, Dekel anticipates further improvements in the extraction rate over the coming months.
Sales volumes of CPO in August 2024 were nearly identical to the previous year. The price per tonne of CPO rose slightly to €780, compared to €778 in July. Meanwhile, international prices saw a more significant jump from approximately €900 to €975 per tonne. Although local prices remain below international levels, Dekel expects a gradual increase in local prices moving forward if global market conditions stay strong.
In terms of other metrics, the company processed 8,454 tonnes of fresh fruit bunches (FFB) in August 2024, a 10.4% increase from 2023. However, production of palm kernel oil (PKO) dropped by 26.5%, and no PKO sales were recorded for August 2024, compared to 815 tonnes sold in August of the previous year. Despite this, Dekel’s Executive Director, Lincoln Moore, expressed optimism regarding the company’s performance, highlighting the increased CPO production and extraction rates and forecasting further growth in local CPO prices for the remainder of 2024.
Dekel Agri-Vision is poised to benefit from rising international CPO prices and increased production efficiency, positioning the company for a promising close to the year.
Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.
