22nd Jul 2014 10:20
LONDON (Alliance News) - Dekeloil PLC Tuesday said it is confident of achieving key milestones in the next twelve months, as its second logistics hub, which should enhance the deliverability of its fresh fruit bunches from regional smallholders, is now operational.
The palm oil development company operates in the Ivory Coast. In a statement released ahead of the company's annual general meeting Tuesday, Chief Executive Youval Rasin said the company has successfully transformed itself into a revenue generative producer of palm oil, and it is confident regarding achieves key goals moving forward.
"Having demonstrated our ability to deliver on our strategy and objectives during our first year as a listed entity, we are confident the next 12 months will see further milestones met as we focus on increasing crude palm oil production at our 60 tonnes per hour mill and adding to our 2,000 hectares of planted company estates," Rasin said.
As part of this process, the company said a second logistics hub is now operational, and it will continue to implement a range of initiatives in the near term focused on delivering more fruit to the mill for processing.
Earlier in July, the company said its monthly average crude palm oil and kernels production has "increased substantially" when compared to its first month of operations.
Dekeloil said production for its first full quarter of operations at the plant ending June 30 was 5,943 tonnes of crude palm oil and 1,077 tonnes of kernels.
The company added at the time that sales of palm oil during the recent period totalled 4,965 tonnes at a price of USD936 per tonne, and it sold 1,107 tonnes of kernels at a price of USD251 per tonne during the period.
Dekeloil said the revenues represent an estimated gross sales margin of 27% to 29%, which was at the high end of its previous estimates, and the company was overall EBITDA positive during the quarter.
Dekeloil shares were off 0.5% to 1.02 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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