2024-04-11 10:12:30
(Alliance News) – Dekel Agri-Vision PLC said on Thursday it was on track to deliver strong first-half results following reporting an increase in production at its Ayenouan palm oil project in Côte d’Ivoire. ‘Ivory.
The West Africa-focused agricultural company said fresh fruit bunch volumes increased by 30% during the first quarter of 2024, from 41,819 tonnes the previous year to 54,381 tonnes.
Crude palm oil production increased 24% to 11,510 tonnes from 9,318 in the corresponding quarter a year earlier, while CPO sales increased 19% to 9,317 tonnes from 7,843 .
Dekel Agri-Vision said it expected its high CPO inventories to support significant sales volumes during the second quarter of the year.
However, the company’s quarterly CPO selling price was 762 euros per tonne, down 22% from the “record” price of 974 euros per tonne achieved in the first quarter of 2023.
Looking ahead, due to the relatively high production volume, the company said it remains on track to achieve a good first half performance.
Director Lincoln Moore commented: “The main catalyst for the next phase of growth and share price performance is the cashew operation. With the delivery of shelling and peeling equipment being scheduled for June and with the installation supervised by a highly qualified cashew processing consultant, we are moving closer to a position to increase production to optimal quality levels.”
Shares in Dekel Agri-Vision fell 7.4% to 1.25 pence each in London on Thursday morning.
By Sabrina Penty, journalist at Alliance News
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