Dekel Agri-Vision Plc (AIM: DKL), the West African agriculture company focused on building a portfolio of sustainable and diversified projects, has provided its half year production update for the period ending 30 June 2025 (‘H1 2025’) for the Ayenouan palm oil project in Côte d’Ivoire and for our cashew processing plant at Tiebissou, Côte d’Ivoire.
Palm Oil Operation Key Performance Metrics: H1 2025 vs. H1 2024
· Palm Oil Operational Highlights: For H1 2025, Palm Oil Operation revenue is expected to exceed H1 2024 by approximately 20%, driven by strong Crude Palm Oil (‘CPO’) and Palm Kernel Oil (‘PKO’) pricing, partially offset by a small decrease in CPO production volumes.
· CPO Production: 21,128 tonnes, a decrease of 9.0%. Historically, this year was a relatively modest harvest.
· CPO Extraction Rate: Remained steady at 21.9%.
· CPO Sales Volume: A decrease of 5.3% reflecting the decrease in CPO production. Local demand continues to be strong with all CPO production for H1 2025 being sold.
· CPO Sales Price: Increased by 25.1% to €963 per tonne. International CPO prices remain above historical levels which has fed through to increasing local CPO prices.
· PKO Sales Price: PKO prices increased 57.7% as increases in international PKO prices began feeding into local prices during H1 2025.
| H1-2025 | H1-2024 | Change | |
| Fresh Fruit Bunch (‘FFB’) processed (tonnes) | 96,518 | 105,444 | -8.5% |
| CPO Extraction Rate | 21.9% | 22.0% | -0.05% |
| CPO production (tonnes) | 21,128 | 23,236 | -9.0% |
| CPO Sales (tonnes) | 21,168 | 22,360 | -5.3% |
| Average CPO price per tonne | €963 | €770 | 25.1% |
| Palm Kernel Oil (‘PKO’) production (tonnes) | 1,474 | 1,367 | 7.8% |
| PKO Sales (tonnes) | 1,220 | 1,333 | -8.5% |
| Average PKO price per tonne | €1,266 | €803 | 57.7% |
Cashew Operation Key Performance Metrics: H1 2025 vs. H1 2024
· Cashew Operational Highlights: The Cashew Operation has turned the corner over the past 6 months with all key operational metrics significantly increasing:
o RCN (‘Raw Cashew Nut’) processed increased by 269.4%
o Cashew production rose by 353.0%
o Cashew sales prices rose by 67.7%
o Additional equipment, primarily shelling and peeling equipment already ordered will drive a further step up in production levels in H2 2025.
o On track to record maiden EBITDA positive result for 2025
· RCN Purchasing: The improved performance of the Cashew Operation has allowed us to confidently purchase additional RCN over the past few months. RCN purchasing is continuing as we look forward with more confidence into H2 2025.
· RCN Processing: We remain on track to meet our 2025 EBITDA target, with additional capacity to be brought online in H2 2025. This includes processing of third-party RCN to produce a new specialised unpeeled product which has proven to be a successful initiative, particularly whilst we restored our internal stock levels. This product line is delivering margins comparable to our own RCN processing.
· Processing Efficiency: Key improvements included:
o Better whole-to-broken nut ratios
o Enhanced peeling performance
o Increased extraction rates- while the headline extraction rate of 23.8% includes unpeeled cashews, the normalised rate of 21-22% for internal RCN represents a significant improvement over Q1 2024.
· Production & Sales: Higher processing volumes are translating directly into output and sales:
o Cashew production increased 353%
o Cashew sales volumes increased 125.6%
· Sales Prices: Prices for peeled cashews in H1 2025 increased by 67.7% compared to H1 2024. Cashew prices softened during the back half of H1 2025.
| H1-2025 | H1-2024 | Change | |
| RCN Inventory | |||
| Opening RCN Inventory (tonnes) | 742 | 1,751 | -57.6% |
| RCN Purchased (tonnes) | 4,087 | 419 | 875.4% |
| RCN Processed (tonnes) | 2,172 | 588 | 269.4% |
| Closing RCN Inventory (tonnes) | 2,657 | 1,582 | 67.9% |
| Cashew Processing | |||
| Opening Cashews (tonnes) | 79 | 154 | -48.7% |
| RCN Processed (tonnes) | 2,172 | 588 | 269.4% |
| Cashew Extraction Rate | 23.8% | 19.6% | 21.4% |
| Cashew Produced (tonnes) | 521 | 115 | 353.0% |
| Cashew Sales (tonnes) | 485 | 215 | 125.6% |
| Closing Cashews (tonnes) | 115 | 54 | 113.0% |
| Average Sales prices per tonne | |||
| – Peeled Cashews (including mixed) | €5,200 | €3,100 | 67.7% |
Lincoln Moore, Dekel Agri-Vision Executive Director, said: “Operationally, we delivered a solid performance in H1 2025, with Palm Oil Operational revenues up approximately 20% year-on-year, supported by elevated CPO and PKO prices. Despite a 9.0% decline in CPO production to 21,128 tonnes, robust local demand ensured all output was sold. Pricing remained strong, with CPO up 25.1% to €963 per tonne and PKO up 57.7%.”
“Our Cashew Operation has experienced a significant turnaround, with production up 353%, driven by a 269.4% increase in RCN processed and improved efficiency across the board. Sales volumes rose 125.6% and average prices increased by 67.7%. Investments in new equipment are expected to further boost production in H2 2025, while third-party RCN processing has delivered solid margins. With good momentum across both divisions, we approach the second half of the year with confidence.”
