Dekel Agri-Vision shares rise on "record" palm oil production
11/12/2023 (Market Screener) - Dekel Agri-Vision PLC on Monday announced that palm oil production soared to record heights in November at its Ayenouan project in Ivory Coast.
The West Africa-focused agricultural company said the Ayenouan operation "performed well above expectations", producing 3,875 tonnes of crude palm oil in November. This was more than double the 1,535 tonnes produced in the same month last year.
Dekel Agri-Vision added that this "record" performance continued a nine-month streak of increasing CPO production on a like for like basis.
CPO sales volumes increased 82% like for like, to 3,256 tonnes in November from 1,788 tonnes the year before. However the average price decreased 25% to EUR778 per tonne from EUR1,043.
Dekel Agri-Vision's CPO extraction rate, meanwhile, increased to 21.7% from 20.9%, contributing to a "healthy monthly gross margin performance".
"A 152.4% increase in CPO production in November compared to last year was an exceptional outcome," said Executive Director Lincoln Moore, "and together with a significant improvement in the CPO extraction rate has contributed to a record November monthly performance.
"We look forward to the [Ayenouan project] finishing the year strongly and reporting our annual 2023 production results in early January."
Shares in Dekel Agri-Vision were trading 7.9% higher at 2.05 pence each in London on Monday morning.
Source: Alliance News