Dekel Agri-Vision Plc (LON:DKL), the West African agribusiness company focused on building a portfolio of sustainable and diversified projects, has announced its unaudited interim results for the six months ended 30 June 2025.
Financial Highlights
Dekel Group
· The significant improvement in the Cashew Operation, combined with the steady performance of the Palm Oil Operation, delivered a stronger Group result for H1 2025 compared to H1 2024. Group revenue increased by 24.5%, EBITDA increased by 10.7%, and the business reported a break-even Net Profit, compared to a Net Loss of €0.7m in H1 2024.
· In June 2025, the Group also undertook an equity raise and debt restructure:
o Successfully raised c.£2.33m at 0.55p per share, alongside the conversion of a £1m loan from CEO Youval Rasin into equity at the same price.
o Agreed revised terms with NSIA Bank, BIDC and AgDevCo on existing lending facilities.
Advanced negotiations with bondholders to restructure on similar terms, with completion expected in Q4 2025.
Palm Oil Operation
· Revenues up 20.4% to €22.4m in H1 2025 (H1 2024: €18.6m), driven primarily by a 25.1% increase in Crude Palm Oil (“CPO”) prices, which more than offset a 5.3% decline in CPO sales volumes. In addition, Palm Kernel Oil (“PKO”) prices also rose 57.7% year-on-year. Revenue includes sales of CPO, PKO, Palm Kernel Cake (“PKC”) and nursery plants.
· Gross margin percentage decreased 16.7% compared to H1 2024, reflecting weaker harvesting conditions which led to heightened competition for Fresh Fruit Bunches (“FFB”) and higher FFB procurement costs.
· EBITDA decreased by 10.8% to €3.3m (H1 2024: €3.7m), impacted by the lower gross margin percentage and a modest increase in overheads.
Cashew Operation
· Revenues increased by 150% in H1 2025, reflecting a substantial uplift in processing volumes for cashew and improved efficiencies following the successful implementation of supplementary shelling and peeling equipment.
· EBITDA loss narrowed to €0.2m (H1 2024: €0.9m). The operation continues to show strong momentum post-period end, and FY 2025 EBITDA is expected to be positive for the first time.
| Six months ended 30 June | H1 2025 | H1 2024 | % Change |
| Palm Oil Operation | |||
| Revenue | €22.4m | €18.6m | 20.4% |
| Gross Margin | €3.8m | €3.8m | nil |
| Gross Margin % | 17.0% | 20.4% | -16.7% |
| EBITDA | €3.3m | €3.7m | -10.8% |
| Cashew Operation | |||
| Revenue | €1.5m | €0.6m | 150% |
| EBITDA | (€0.2m) | (€0.9m) | 350% |
| Dekel Group | |||
| Revenue | €23.9m | €19.2m | 24.5% |
| EBITDA | €3.1m | €2.8m | 10.7% |
| Net Profit/(Loss) | €0.0m | (€0.7m) | n/a |
Operational Highlights – Palm Oil Operation
· CPO Production: 21,128 tonnes, a decrease of 9.0% compared to H1 2024, reflecting a modest harvesting season and low FFB availability throughout the region.
· CPO Extraction Rate: Remained steady at 21.9% and in line with historical levels.
· CPO Sales Volume: A decrease of 5.3%, reflecting the decrease in CPO production. Local demand remained strong, with all H1 2025 CPO production 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 international pricing gains began to flow into local markets during H1 2025. PKO revenue provided an important EBITDA contribution, partially offsetting margin pressure from increased competition associated with lower FFB availability.
| 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 | -9.1% |
| 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% |
Operational Highlights: Cashew Operation
The Cashew Operation has turned the corner over the past 6 months, with all key operational metrics significantly increasing as a result of the successful implementation of supplementary equipment notably in the shelling and peeling sections. As a result:
o RCN (‘Raw Cashew Nut’) processed increased by 269.4%
o Cashew production rose by 353.0%
o Cashew sales prices increased by 67.7%, supported by a rebound in international markets as oversupply in Southeast Asia and export restrictions eased, including those implemented in Côte d’Ivoire, which reduced global supply.
o Additional equipment, primarily shelling and peeling equipment now being installed should provide a further step up in production levels in Q4 2025.
o On track to record maiden EBITDA positive result for 2025
· RCN Purchasing: Inventory increased 67.9%, supported by the improved performance of the Cashew Operation, which has enabled more confident forward purchasing. Buying activity continues as the business looks forward with more confidence.
· RCN Processing: Volumes increased 269.4%, including third-party RCN processed into 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 in-house RCN processing.
· Processing Efficiency: Key improvements included:
o Better whole-to-broken nut ratios
o Enhanced peeling performance
o Improved extraction rates – while the headline rate of 23.8% includes unpeeled cashews, the normalised rate of 21-22% for internal RCN marks a clear improvement compared to 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 but are expected to remain well above the low pricing environment seen in 2024.
| 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 | 68.0% |
| 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’s Executive Director, said: “H1 2025 has been a period of operational momentum for Dekel Group. Our Palm Oil Operation delivered a 20.4% increase in revenues, supported by higher CPO and PKO prices partially offset by weaker FFB volumes, while our Cashew Operation achieved a 150% revenue uplift and significantly reduced its EBITDA loss. Collectively, these improvements drove a 24.5% increase in Group revenue and a 10.7% rise in EBITDA, resulting in a break-even Net Profit compared to a loss in H1 2024. Strategic initiatives, including a successful equity raise and debt restructuring, further strengthen our financial foundation as we seek to continue to improve our Balance Sheet position. With the Palm Oil Operation performing steadily and with the Cashew Operation gaining real momentum, we are confident in delivering improved full-year results for 2025”.
