Dekel Agri-Vision Plc (LON:DKL), the West African agriculture company focused on building a portfolio of sustainable and diversified projects, has provided a record November 2023 monthly production update for its Ayenouan palm oil project in Côte d’Ivoire.
Key Highlights
· The Palm Oil Operation performed well above expectations during November 2023 recording an increase in Crude Palm Oil (‘CPO’) production of 152.4% compared to November last year. This is a record November monthly production performance and continues a 9 month streak of higher like for like monthly CPO production.
· Like for like November 2023 CPO sales volumes were also 82.1% higher than last year due to the strong monthly CPO production.
· CPO sales prices in November remained steady at €788 per tonne. Local CPO prices remain below international CPO prices but in turn our FFB purchase prices have also decreased resulting in healthy gross margins being achieved.
· The CPO extraction rate increased materially from last month to return to strong levels of 21.7%, which was 3.8% higher than November 2022. This also contributed to a healthly monthly gross margin performance.
| Nov-23 | Nov-22 | Change | |
| FFB processed (tonnes) | 17,818 | 7,361 | 142.1% |
| CPO Extraction Rate | 21.7% | 20.9% | 3.8% |
| CPO production (tonnes) | 3,875 | 1,535 | 152.4% |
| CPO Sales (tonnes) | 3,256 | 1,788 | 82.1% |
| Average CPO price per tonne | €778 | €1,043 | -25.4% |
| Palm Kernel Oil (‘PKO’) production (tonnes) | 157 | 90 | 74.4% |
| PKO Sales (tonnes) | 100 | Nil | n/a |
| Average PKO price per tonne | €838 | n/a | n/a |
Lincoln Moore, Dekel Agri-Vision‘s Executive Director, said: “A 152.4% increase in CPO production in November compared to last year was an exceptional outcome and together with a significant improvement in the CPO extraction rate has contributed to a record November monthly performance. We look forward to the Palm Oil Operation finishing the year strongly and reporting our annual 2023 production results in early January.”
