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04 Jul 2019 | 08:44

DekelOil notches 'best ever' half yearly output amid record Q2

DekelOil reported notched its 'best ever' first-half crude palm oil production and sales jump following record second-quarter output.

For the six months ended 30 June, crude palm oil sales (CPO) were up 20% to 26,702 tonnes, while output rose 30% to a record 28,934 amid a 62% increase in CPO produced in Q2 2019. CPO stock on hand at period end stood at 3,000 tonnes, all of which had been purchased and was due to be delivered and sold in Q3 2019, the company added,

A 7% increase in year on year first-half fresh fruit bunches (FFB) yields was attributed to a successful enhancement of logistics programme and a recovery in yields to more normal levels following 2018's poor peak harvest season.

The extraction rate fell to 22% for the half from 23.1% a year earlier, but had improved since May, the company said.

'A record second quarter has combined with the strong rebound in year on year Q1 CPO production to generate our best ever half yearly production performance,' said DekelOil Executive Director Lincoln Moore.

'While demand growth for vegetable oil is forecast to remain consistently strong, the addition of new supplies of palm oil, which is by far the highest yielding vegetable oil per hectare, is slowing. Supply growth in major producer Malaysia, for example, is almost at a standstill.' 'At some point, we anticipate global CPO pricing will catch up with these market dynamics leading to an increase in pricing. If or when this happens, this will have a positive impact on the cash flows generated."'

At 8:44am: (LON:DKL) DekelOil Public Ltd share price was 0p at 3.1p

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