MARKET DEVELOPMENT
DekelOil Revenue up 134% Due to Record Production
DekelOil Revenue up 134% Due to Record Production
15/04/2016 (Proactive Investors UK) - The Côte d'Ivoire based palm oil firm sees production and revenue scaling up further through 2016.
Côte d'Ivoire based palm oil firm DekelOil Public Ltd (LON:DKL) revealed a 134% rise in revenues thanks to record production volumes in 2015.
DekelOil produced 35,770 tonnes of crude palm oil (CPO) and 6,221 kernels in the twelve months to December 31, up from 14,242 tonnes and 2,504 kernels in 2014.
Revenue totalled €23.4mln, up 134% from €10m in the preceding year, and the company has reported earnings (EBITDA) of €3.7mln versus 2014’s loss of €0.4mln.
The financial performance was further boosted in the year by a deal with joint venture partner Biopalm Energy which improved the balance sheet, reducing debt by €5.1mln.
"2015 saw DekelOil deliver on our promise to add significant value to our West African palm oil operation,” said Lincoln Moore, DekelOil executive director.
“The strength of our revenues and EBITDA for the year and the record Q1 2016 production figures reported recently from our 60 t/hour extraction mill, highlight the efficacy of our activities.
“Operationally, we have seen a significant increase in feedstock we have received from smallholders, which demonstrates DekelOil's standing as a responsible and reliable processing company in the region.”
Looking forward more is expected for the palm oil producer.
DekelOil said it is making ‘strong progress’ towards becoming the first Roundtable for Sustainable Palm Oil (RSPO) certified and fully functioning CPO producer in Côte d'Ivoire.
In 2016, DekelOil expects like-for-like CPO production volumes will be higher than last year, indeed it highlighted the excellent first quarter which saw output rise 56% from the 2015 comparative. The new kernel crushing plant, which came online in the fourth quarter of 2015, promises to further boost sales.
And a recent refinancing, with lower interest, puts the group on a stronger footing.
Moore added: “In tandem with reinforcing our business from an operational perspective, our debt re-financing has strengthened our balance sheet, which will help with our objective to implement a dividend policy in the future."
Côte d'Ivoire based palm oil firm DekelOil Public Ltd (LON:DKL) revealed a 134% rise in revenues thanks to record production volumes in 2015.
DekelOil produced 35,770 tonnes of crude palm oil (CPO) and 6,221 kernels in the twelve months to December 31, up from 14,242 tonnes and 2,504 kernels in 2014.
Revenue totalled €23.4mln, up 134% from €10m in the preceding year, and the company has reported earnings (EBITDA) of €3.7mln versus 2014’s loss of €0.4mln.
The financial performance was further boosted in the year by a deal with joint venture partner Biopalm Energy which improved the balance sheet, reducing debt by €5.1mln.
"2015 saw DekelOil deliver on our promise to add significant value to our West African palm oil operation,” said Lincoln Moore, DekelOil executive director.
“The strength of our revenues and EBITDA for the year and the record Q1 2016 production figures reported recently from our 60 t/hour extraction mill, highlight the efficacy of our activities.
“Operationally, we have seen a significant increase in feedstock we have received from smallholders, which demonstrates DekelOil's standing as a responsible and reliable processing company in the region.”
Looking forward more is expected for the palm oil producer.
DekelOil said it is making ‘strong progress’ towards becoming the first Roundtable for Sustainable Palm Oil (RSPO) certified and fully functioning CPO producer in Côte d'Ivoire.
In 2016, DekelOil expects like-for-like CPO production volumes will be higher than last year, indeed it highlighted the excellent first quarter which saw output rise 56% from the 2015 comparative. The new kernel crushing plant, which came online in the fourth quarter of 2015, promises to further boost sales.
And a recent refinancing, with lower interest, puts the group on a stronger footing.
Moore added: “In tandem with reinforcing our business from an operational perspective, our debt re-financing has strengthened our balance sheet, which will help with our objective to implement a dividend policy in the future."