IVORY COAST – Dekel Agri-Vision PLC, a United Kingdom-based agro-industrial company with subsidiaries in Ivory Coast, has announced that crude palm oil multiplied to 6,179 tonnes in April from 2,965 tonnes last year, a 108.4% jump.
According to the West Africa-focused agricultural company, crude palm oil output sales and output significantly increased at its Ayenouan project, labeling its financial performance “a standout”
The company said that this increase in volumes made it possible to compensate for the fall in average prices of crude palm oil which reached US$1,071 per ton against US$1,164 last year during the same period.
Overall, Dekel Agri-Vision stresses that this performance was primarily driven by two factors; record-breaking April monthly volumes of Fresh Fruit Bunch (‘FFB’) and strong Crude Palm Oil (‘CPO’) prices.
In detail, the company said that the company is continuing to see strong local Crude Palm Oil (‘CPO’) demand resulting in sales quantities increasing by 123% in April compared to last year.
Additionally, Palm Kernel Oil (‘PKO’) production was also strong increasing 93.9% compared to last year. According to Dekel, PKO sales continue to be sold in batches to maximize prices and they expect to see strong PKO sales quantities in the coming months as stock levels on hand increase.
“We are pleased to see the palm oil operation’s high season come to fruition, which began later than its usual schedule this year, culminating in a record monthly production outcome for April,” said Executive Director Lincoln Moore.
However, the CPO extraction rate was slightly lower than last month but remained sound at 21.4%. Similar to last month, the company revealed that the delivery of peak FFB volumes tends to lead to increased double handling of FFB at the mill site awaiting processing.
Linkon added that the production of crude palm oil has demonstrated continued strength in early May, compared to May last year.
He showed optimism that these positive trends bode well for the palm oil operation, positioning it to achieve an excellent period of production and financial performance throughout the second quarter of 2023.
Recently, the company announced plans to start full commercial production of raw cashew nut processing plant in Ivory Coast to boost local processing.
This was after the company reported increased its interest in the cashew project to 100%, following the acquisition of a 29% beneficial interest in Pearlside Holdings Ltd for GBP619,000 (US$763,165).