(Alliance News) - Dekel Agri-Vision PLC on Monday said it continued its "excellent start" to 2024, reporting another increase in crude palm oil production.
At its Ayenouan palm oil project in the Ivory Coast, production was up 70% in February 2024 compared to February 2023. This marks the 12th consecutive month of increased monthly like-for-like production.
February 2024 palm oil sales volumes were 18% higher year-on-year.
The palm oil sales prices rose 3.0% to EUR759 per tonne from the EUR737 it reported for January. However, it fell 23% year-on-year from EUR984. Local efforts to manage food prices resulted in local CPO prices remaining below that of international prices, Dekel explained.
Due to the lower purchasing price of fresh fruit bunches, the company added that it continues to have "healthy gross margins", however.
Dekel's Executive Director Lincoln Moore said: "CPO production has started 2024 significantly ahead of the strong 2023 production year. March is typically the start of the 3-4 month peak high season and should this production momentum continue, we are well positioned to exceed market CPO production expectations for H1 2024."
Shares in Dekel Agri-Vision were up 4.0% at 1.30 pence each in London on Monday afternoon.
By Elijah Dale, Alliance News reporter
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