AGM Statement

RNS Number : 1786T

Dekeloil Public Limited

16 July 2015

 

DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food Producers

16 July 2015

DekelOil Public Limited ('DekelOil' or 'the Company')

AGM Statement

DekelOil Public Limited, operator and 51% owner of the vertically integrated Ayenouan palm oil project in Côte d'Ivoire, is holding its Annual General Meeting ('AGM') later today.  At the meeting, Youval Rasin, CEO, will make the following statement:

"DekelOil continues to make fantastic progress on the ground especially at our new state-of-the-art extraction Mill which became operational in February 2014.  Production for the first six months of 2015 was 21,836 tonnes of Crude Palm Oil ('CPO'), an impressive 53% increase on the total production figure for the first nine months of operation.  

"Since investing the capital in building our 60 tonne per hour Mill, which has a total capacity of 70,000 tonnes per annum making it one of the region's largest, we have been focussing our efforts on upscaling our logistics system to increase the number of smallholders able to deliver their feedstock for processing promptly and efficiently.  The recently published figures underpin the progress made already and with the scaling-up process continuing, a positive effect on our financials should materialise.  Accordingly I look forward to reporting our interim results in the coming months, which should reflect the impact of our ramped up production.

"We are focused on increasing the profitability of Ayenouan in 2016 and beyond and we have a number of forthcoming initiatives to facilitate this.  The first is to add to the existing smallholder feedstock currently being delivered to the Mill, with fresh fruit bunches ('FFB') delivered from company-owned estates, of which 1,900 hectares have been planted to date.  Having recently begun to mature, these estates will deliver production at a higher margin.  In line with this strategy, we also look forward to the addition of the kernel crushing plant, which will allow us to sell Palm Kernel Oil and animal feed to the local market at the factory gate when it becomes operational in Q4 2015. 

"DekelOil's vision is to become one of West Africa's largest CPO producers.  With this in mind, we will shortly be turning our attention to the 24,000 hectares located at our second project area at Guitry. Considering our achievements to date, and our proven ability to deliver on our objectives, I hope shareholders will agree that we are ideally poised to continue our growth trajectory.  I look forward to updating the market regularly in the coming months and would like to thank shareholders for their support over the past year."

** ENDS **

For further information please visit the Company's website www.dekeloil.com or contact:

Youval Rasin	DekelOil Public Limited	Tel: [phone]
Shai Kol
Lincoln Moore
Ben Wright Richard Salmond	Nplus1 Singer Advisory LLP	Tel: [phone]
Christian Dennis Jeremy King Saif Janjua Elliot Hance Elisabeth Cowell	Optiva Securities Limited Beaufort Securities Limited St Brides Media & Finance Ltd	Tel: [phone] Tel: [phone] Tel: [phone]
Frank Buhagiar

Notes:

DekelOil Public Limited is a low cost producer of palm oil in West Africa, which it is focused on rapidly expanding.  To this end, it has a 51% interest in one of the largest oil processing mills based in Côte d'Ivoire, which has a capacity of 70,000 tons of CPO.  Feedstock for the Mill comes from 27,000 hectares of mature palm oil plantations that have been secured under long term contracts with smallholders, however it also has nearly 1,900 hectares of its own plantations.  Furthermore, it has a world-class nursery with a 1 million seedlings a year capacity. 

 

END

 

 

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