Dekeloil Public Limited Q3 2016 Production Update (3994M)
October 13 2016 - 2:00AM
UK Regulatory
TIDMDKL
RNS Number : 3994M
Dekeloil Public Limited
13 October 2016
DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food
Producers
DekelOil Public Limited ('DekelOil' or the 'Company')
Q3 2016 Production & Sales Update
DekelOil Public Limited, operator and 85.75% owner of the
profitable and vertically integrated Ayenouan palm oil project in
Côte d'Ivoire (the 'Project'), is pleased to provide a production
and sales update for the quarter ended 30 September 2016.
Q3 2016 production and sales figures for Crude Palm Oil ('CPO'),
Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC') at the
Project, which includes one of West Africa's largest extraction
mills, are detailed in the table below:
Q3 2016 Q3 2015 Increase H1 2016
/ Decrease
EUR6.7 EUR6.1 EUR16.0
Product Sales m m 9.8% m
FFB collected (tonnes) 27,418 31,873 -13.7% 123,157
CPO production
(tonnes) 5,823 7,301 -20.2% 28,550
CPO Sales (tonnes) 9,542 9,814 -2.8% 25,225
Average CPO price
per tonne EUR612 EUR610 0.3% EUR542
PKO production
(tonnes) 522 Nil n/a 1,998
PKO Sales (tonnes) 719 Nil n/a 1,828
Average PKO price
per tonne EUR832 Nil n/a EUR781
PKC production
(tonnes) 666 Nil n/a 2,360
PKC Sales (tonnes) 606 Nil n/a 2,615
Average PKC price
per tonne EUR49 Nil n/a EUR40
-- Production for the nine months to 30 September 2016 totals
34,323 tonnes of CPO and 2,520 tonnes of PKO compared to 29,137
tonnes of CPO in the comparable nine month period in 2015
-- The earlier start and finish of this year's peak harvesting
season and unseasonally drier weather during the low production
season has resulted in lower Q3 2016 CPO production and extraction
rate compared to Q3 2015
-- On track to reach full year 2016 production targets - October
2016 has to date seen a pick-up in volumes of fresh fruit bunches
collected for processing
-- 13% increase in CPO sales prices in Q3 2016 compared to H1
2016 - stock carried through Q2 period sold into higher Q3
pricing
-- CPO prices have ramped up considerably in October 2016 with
sales prices now 26% higher than H1 2016 at EUR680 per tonne
-- Production and sales at the Company's Kernel Crushing plant
continue to exceed management's expectations with the Palm Kernal
Oil extraction rate up to 42.2% for the quarter (H1 2016 41%) and
the average sales prices up to EUR832 (H1 2016 EUR781)
DekelOil Executive Director Lincoln Moore said, "With 34,323
tonnes of CPO produced so far this year, we remain on course to
report another record full year performance in terms of CPO
production. The drier than normal weather conditions in 2016, not
just in West Africa but also in Asia, is a double edged sword with
significantly higher CPO prices now being achieved compared to H1
2016 being offset by lower Q3 CPO production. We look forward to
the normalisation of weather patterns and FFB harvest volumes, as
we have seen in October already, as we focus on increasing
production while at the same time taking full advantage of a period
of relatively higher CPO prices than those we have experienced over
the last 12 months."
** ENDS **
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
For further information please visit the Company's website
www.dekeloil.com or contact:
DekelOil Public Limited
Youval Rasin
Shai Kol +44 (0) 207
Lincoln Moore 236 1177
Cantor Fitzgerald Europe
(Nomad and Broker)
Andrew Craig +44 (0) 207
Richard Salmond 894 7000
Beaufort Securities Limited
(Broker)
Zoe Alexander +44 (0) 207
Elliot Hance 382 8300
Optiva Securities Limited
(Broker)
Christian Dennis +44 (0) 203
Jeremy King 137 1903
St Brides Partners Ltd (Investor
Relations)
Elisabeth Cowell +44 (0) 207
Frank Buhagiar 236 1177
Notes:
DekelOil Public Limited is a low cost producer of palm oil in
West Africa, which it is focused on rapidly expanding. To this end,
it has an 86% interest in one of the largest oil processing mills
based in Côte d'Ivoire, which has a capacity of 70,000 tons of CPO.
Feedstock for the Mill comes from several co-operatives and
thousands of smallholders, however it also has nearly 1,900
hectares of its own plantations. Furthermore, it has a world-class
nursery with a 1 million seedlings a year capacity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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