Dekel Agri-Vision PLC on Tuesday reported a big increase in palm fruit and oil production last month, albeit the price of crude palm oil fell sharply.
The West Africa-focused palm oil producer said it processed 13,508 tonnes of fresh fruit bunches in January, up 71% from 7,892 tonnes a year prior.
Crude palm oil production jumped 56% year-on-year in January to 2,839 tonnes from 1,818 tonnes, while crude palm oil sales surged by 38% to 2,336 tonnes from 1,693 tonnes.
However, the average crude palm oil price dropped 32% to €737 per tonne in January from €1,089 a year before.
Further, while palm kernel oil production surged to 173 tonnes from 82 tonnes, it registered no sales for January, compared to 30 tonnes a year prior.
Dekel Executive Director Lincoln Moore said: ‘The palm oil operation has started 2024 very well, continuing the excellent performance achieved in 2023. We will shortly be entering the production high season, and we are operationally well positioned to take advantage of the anticipated spike in production levels over the coming months.’
Dekel shares were down 3.7% to 1.30 pence each on Tuesday morning in London.
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