Dekel Agri-Vision Plc (LON:DKL), the West African agriculture company focused on building a portfolio of sustainable and diversified projects, has provided a July production update for its Ayenouan palm oil project in Côte d’Ivoire.
Key Highlights
· The Palm Oil Operation delivered another solid month with July 2024 CPO production 6.6% higher than July 2023. Year to date July 2024 CPO production remains in line with market expectations.
· CPO sales prices continued to be historically strong at €778 per tonne. International prices continue to remain steady at approximately €900 per tonne. We also continue to see local CPO prices gradually increase towards the international price after commencing January 2024 at €737 per tonne.
· The CPO extraction rate of 20.7% in July 2024 was 7.3% higher than July 2023. We are continuing to see higher CPO extraction rates compared to last year which is enhancing our gross margin percentage.
· CPO sales quantities were lower in July 2024 compared to July 2023. This is purely a timing difference due to the high season in 2024 returning to a more typical peak earlier than 2023 where the peak occurred late in H1 2023.
| Jul-24 | July-23 | Change | |
| FFB processed (tonnes) | 11,517 | 11,558 | -0.4% |
| CPO Extraction Rate | 20.7% | 19.3% | 7.3% |
| CPO production (tonnes) | 2,379 | 2,231 | 6.6% |
| CPO Sales (tonnes) | 3,340 | 5,623 | -40.6% |
| Average CPO price per tonne | €778 | €814 | -4.4% |
| Palm Kernel Oil (‘PKO’) production (tonnes) | 195 | 207 | -5.8% |
| PKO Sales (tonnes) | Nil | 542 | n/a |
| Average PKO price per tonne | n/a | €749 | n/a |
Lincoln Moore, Dekel Agri-Vision’s Executive Director, said: “The Palm Oil Operation continued its solid performance in 2024 in terms of CPO production and CPO extraction rates. With prices continuing to be historically strong and gradually increasing over recent months, we remain on track to deliver strong financial outcomes from the Palm Oil Operation in 2024.”
