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28 Jun 2018 | 10:00

DekelOil faces most challenging environment to date despite 23% jump in profit

DekelOil reported Thursday annual net profit rose 23% boosted by 13.5% increase in revenue supported by rising international palm oil prices but the firm said it was facing it was challenging environment to date.

For the 12 months ended 31 December, net profits rose 23% to €1.3m, revenue grew 13.5% to €30.2m and EBITDA increased 10% €4.5m.

'The combination of stable year on year production and an 18% increase in CPO prices to €680 compared to the previous year of €575 underpinned the company's record financial performance, DekelOil said.

Crude palm oil production fell to 38,736 from 39,111 a year ago, amid a loss of between 3,500 to 4,500 tonnes of output in May and June amid unplanned downtime.

'2017 has delivered a third consecutive year of record financial numbers and a second dividend distribution to our shareholders,' said DekelOil Executive Director Lincoln Moore.

That firm said it would strive to minimise the impact of its most challenging environment to date - amid lower FFB volumes and weaker international USD based CPO prices – by controlling costs and improving shareholder returns.

At 10:00am: (LON:DKL) DekelOil Public Ltd share price was -0.45p at 6.8p

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