Dekel Agri-Vision PLC on Monday said production and sales of crude palm oil declined in October compared to the year before, as its ‘low production season’ is lasting longer than expected.

The West Africa-focused agriculture project developer said crude palm oil production in October fell 18% to 1,415 tonnes from 1,723 tonnes the year before. Crude palm oil sales decreased 25% to 1,110 tonnes from 1,483 tonnes, whilst the average crude oil price per tonne was reduced 1.6% to €775 from €788.

Fresh fruit bunches processed fell 18% to 7,251 tonnes from 8,886 tonnes.

Palm kernel oil production also declined during the month, falling 36% to 96 tonnes from 150 tonnes last year. Palm kernel oil sales were down 37% to 126 tonnes from 199 tonnes, whilst average palm kernel oil price per tonne increased 1.8% to €853 from €838.

Executive Director Lincoln Moore said: ‘Higher international crude palm oil prices are starting to flow through to local crude palm oil prices, which should become apparent in our November monthly crude palm oil results. Although the crude palm oil low production season has lingered longer than normal, these higher prices should be supportive for the upcoming high season.

‘The Cashew operation has taken a great step forward over the past month with material improvements in all key [key performance indicators] related to product quantities, quality and sales prices. We will look to consolidate on this improvement as we complete 2024 and the Cashew operation is now poised to become a profit contributor to the group along with the Palm Oil operation as we enter 2025.’

Shares in Dekel Agri-Vision were up 10% at 1.40 pence each in London on Monday afternoon.

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