23rd Jun 2022 12:07
Dekel Agri-Vision PLC - West Africa-based agriculture company - Swings to profit in 2021 on rising palm oil prices. Pretax profit stands at EUR916,000, swinging from a loss of EUR2.2 million in 2020. Revenue climbs to EUR37.4 million from EUR22.5 million. Besides its palm oil business, Chair Andrew Tillery sees "considerable progress towards commencement of production from our cashew operation, our second commodity to enter production and a key part of our short and medium term strategies to increase both the scale and diversity of Dekel."
Company expects to start paying dividends in the fourth quarter of 2022. Regarding its outlook, firm says: "We believe we have entered a period of supportive macro conditions in terms of selling prices of crude palm oil and palm kernel oil." On June 13, firm said crude palm oil price per tonne rose by 36% In May compared to May 2021, to EUR1,056 from EUR774. That was a slight monthly decrease however from EUR1,061 per tonne in April 2022.
Current stock price: 3.30 pence, down 1.5% on Thursday
12-month change: down 30%
By Tom Budszus; [email protected]
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