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09 Apr 2019 | 08:53

DekelOil reports lower sales in Q1 despite 'materially higher' production

DekelOil reported a fall in first-quarter sales of crude palm oil despite achieving 'materially higher production' in February and March compared with a year earlier. For the three months to 31 March, crude palm oil sales were down 12.7%, while production rose 9.7% to 14,921 tonne from a year earlier. The fall in sales excluded stock sold of 2,240 tonnes due for collection post 31 March 2019, the company said. A 16.5% increase in year on year first-quarter fresh fruit bunches (FFB) yields was attributed to a recovery in yields to more normal levels following 2018's poor peak harvest season. The extraction rate of 21.8%, down from 22.7% a year earlier, was blamed on a slightly reduced percentage of oil content in fruit processed. 'The strong rebound in CPO volumes produced at our mill during Q1 2019 confirms last year's poor harvest was the anomaly many in the local palm oil industry had predicted. We remain optimistic that Q2 2019 will also be stronger than Q2 2018,' said DekelOil Executive Director Lincoln Moore. 'Elsewhere in our portfolio of West African-focused agricultural projects, we will shortly be providing a detailed update on our large-scale cashew processing project at Tiebissou, as we enter the 12-month construction phase ahead of first production in early 2020. At that point, our quarterly production updates will cover not one, but two producing projects, reflecting the multi-commodity, multi-project agriculture company that DekelOil will have become.'

At 8:53am: (LON:DKL) DekelOil Public Ltd share price was +0.15p at 3.45p

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