(Alliance News) - Dekel Agri-Vision PLC on Tuesday reported an increase in its quarterly production and said its sales volumes more than doubled.
Shares in the West Africa-focused agricultural company were trading 9.0% higher at 2.78 pence each in London on Tuesday afternoon.
Dekel Agri-Vision said crude palm oil production at its Ayenouan palm oil project in Ivory Coast in September grew 66% to 2,149 tonnes from 1,296 tonnes a year ago, while fresh fruit bunch volumes increased by 79% to 10,866 tonnes from 6,074 tonnes.
Meanwhile, palm kernel oil production fell by 7.6% in the month of September to 97 tonnes from 105 tonnes during the same period a year prior, but sales soared by 98% to 105 tonnes from 53 tonnes.
FFB production for the third quarter of 2023 rose by 91% to 30,084 tonnes from 15,777 a year ago and CPO production grew 78% to 5,797 tonnes from 3,249. Sales volumes for CPO more than doubled, with Dekel Agri-Vision saying it is performing "at close to record levels".
Dekel Agri-Vision added that raw cashew nut production in the third quarter more than doubled year-on-year at its Tiebissou plant. The firm added its cashew extraction rate and prices are "delivering in line with expectations".
Executive Director Lincoln Moore said: "We are taking further measures to drive the next step up in production volumes over the coming months as we strive to enhance production volumes and deliver positive operating cashflow from the cashew operation."
By Sabrina Penty, Alliance News reporter
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