Dekel Agri-Vision PLC - West Africa-focused agriculture project developer - Provides unaudited production update for year ended December 31. Says production at the Ayenouan palm oil project in Cote d’Ivoire was the ‘story of two contrasting halves’ as first half saw strong crude palm oil production but lower prices, while second half saw lower production raise prices. ‘This upward trend in CPO prices culminated in December 2024, with CPO prices exceeding €1,000 per tonne, which is very encouraging as we approach the peak season,’ company says.
The Tiebissou, Cote d’Ivoire cashew processing plant ‘took a significant step forward’ in the fourth quarter as raw cashew nut processed more than doubled and cashews produced tripled compared to the same period in 2023. Notes 62% fourth quarter rise in peeled cashew prices compared to 2023. ‘This is due to both improved efficiencies which improved the mix of final products for sale and higher market prices for cashews’. As a result, the cashew operation reports a maiden positive earnings before interest, taxes, depreciation, and amortisation result in December.
Lincoln Moore, executive director, comments: ‘We are pleased to announce the achievement of our first positive monthly Ebitda from the Cashew Operation in December 2024. The new equipment installed has performed exceptionally well, and we anticipate a significant boost in production in 2025. Combined with rising cashew prices, this gives us strong confidence in delivering a meaningful positive Ebitda for the Cashew Operation in the coming year.’
‘Meanwhile, with CPO prices nearing historical highs and the peak season just around the corner, we also expect a notable increase in Ebitda for the Palm Oil Operation in 2025. Achieving profitability in both operations simultaneously has always been our goal, and we are now finally on the verge of delivering this goal.’
Current share price: 1.36 pence, closed down 4.9% in London on Tuesday
12-month change: down 11%
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