Dekel Agri-Vision swings to profit on higher palm oil prices
StockMarketWire.com (29/09/2020) West Africa focused agricultural company Dekel Agri-Vision swung to a modest first-half profit, as higher palm oil prices and extraction rates boosted revenue.
Pre-tax profit for the six months through June amounted to €0.4 million, compared to a €0.1 million loss year-on-year. Revenue rose 5.5% to €15.4m. The company said its performance was 'highly creditable, particularly when set against the backdrop of Covid-19'. Dekel Agri-Vision produced 17% less crude palm oil, which output falling to 23,882 tonnes. But the fall was offset by a 19% rise in its average realised sales price to €602 per tonne, while extraction rate benefited from higher quality fresh fruit bunches. The company said construction of its cashew processing project at Tiebissou in Ivory Coast was advancing well following a short delay in the manufacture of equipment in China and Italy due to Covid-19. Production from the project was course to commence in the second quarter of 2021 at which point Tiebissou would become Dekel's second producing asset. At 1:37pm: [LON:DKL] DekelOil Public Ltd share price was +0.3p at 2.75p