Cote d’Ivoire-based Dekel Agri-Vision (LON: DKL) is raising its stake in the Tiebissou raw cashew nut processing project. This project is going to build up its contribution over the next couple of years potentially reaching revenues of €12m in 2024. The share price rose 3.23% to 3.2p.
The minority stake is being bought for €600,000 in the form of 20 million shares. The project should build up to full production in the first half of 2023.
Palm oil prices remain high with the November average crude palm oil price at €1,102/ton, which is 14% higher than December 2021.
WH Ireland has downgraded its forecast revenues for 2022 and 2023. The 2022 pre-tax profit is still expected to be €400,000, but the 2023 figure has been cut from €4.2m to €3.2m. This is due to additional caution concerning volumes.
Net debt was around €28.4m at the end of 2022 and it could reduce to €24.4m at the end of this year.
The shares are trading on eight times prospective 2023 earnings.