14th Sep 2015 07:48
LONDON (Alliance News) - DekelOil Public Ltd on Monday saw its shares rise in early trade as it said it delivered record palm oil production in the first half of 2015 and said it expects volumes to rise again in the second half and to continue to increase in 2016.
The company, the operator and 51%-owner of the Ayenouan palm oil project in the Ivory Coast, said its production in the half to the end of June was 21,836 tonnes of crude palm oil and 3,733 tonnes of kernels, up from 7,932 tonnes of palm oil and 1,311 kernels respectively a year earlier. The palm oil production is 53% higher than its full-year 2014 production total.
That drove revenue up to EUR12.9 million from EUR4.5 million a year earlier, the company said, while its earnings before interest, taxation, depreciation and amortisation in the half increased to USD2.3 million from EUR300,000. Its pretax loss for the year was narrowed to EUR86,000 from EUR761,000.
The company said it has started work on increasing sales and profit by focusing on the Ayenouan kernel crushing plant, which is under construction and due to be completed in the fourth quarter. DekelOil said it will look to sell palm kernel oil and palm kernel cake from the crushing plant.
The company said like-for-like crude palm oil production volumes will improve further in the second half and said its production will increase more in 2016.
Shares in DekelOil were up 13% to 1.12 pence early Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Dekel Agri