14th Apr 2016 08:47
LONDON (Alliance News) - DekelOil Public Ltd on Thursday said it swung to a profit in 2015 as revenue more than doubled on record production results.
DekelOil, which has a 51% stake in the Ayenouan palm oil project in the Ivory Coast, said it made a pretax profit of EUR144,000 in 2015, having suffered a EUR3.3 million pretax loss in 2014. Revenue more than doubled to EUR23.4 million from EUR10 million.
DekelOil said it achieved record full-year production levels. Production of crude palm oil more than doubled to 35,770 tonnes from 14,242 tonnes, while kernels more than doubled to 6,221 tonnes from 2,504 tonnes at its CPO extraction mill.
DekelOil said it expects like-for-like CPO production volumes to be higher in 2016 following an "excellent" first quarter which saw a 56% increase in production year-on-year. It is also on track for a "significant increase" in 2016 sales via the sale of products from its new kernel crushing plant.
"In tandem with reinforcing our business from an operational perspective, our debt re-financing has strengthened our balance sheet, which will help with our objective to implement a dividend policy in the future," Executive Director Lincoln Moore said in a statement.
Shares in DekelOil were trading up 0.3% at 1.58 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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