10th Jan 2019 10:31
LONDON (Alliance News) - Dekeloil Public Ltd said Thursday that it recorded a decline in crude palm oil production at the Ayenouan palm oil project in Cote d'Ivoire during 2018, but is confident of a recovery.
The company said that full-year crude palm oil production at the project totalled 33,077 tonnes in 2018, a 15% decrease in volumes compared to the previous year mainly due to the weak harvesting season in the first half.
However, palm kernel oil and palm kernel cake production increased significantly mitigating the lower crude production.
Crude palm oil sales also declined 15% to 32,692 tonnes from 38,373 tonnes a year ago, while palm kernel oil and palm kernel cake sales were up 11% and 14%, respectively.
"In terms of the peak harvesting season, 2018 was a challenging year for the industry in Cote d'Ivoire with volumes of fruit available for processing significantly lower than the previous year, resulting in today's reported drop in full year crude palm oil production," Executive Director Lincoln Moore said.
"Having seen a normalisation in seasonal patterns in the second half, we are optimistic the recovery will extend into 2019 and beyond."
Dekeloil shares were trading up 14% at 3.60 pence each.
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