Dekel Agri-Vision on course for full year profit

Cote d’Ivoire-based Dekel Agri-Vision (LON: DKL) continues to benefit from high crude palm oil prices and trading underpins the 2022 forecast.

The local crude palm oil price is near to its highs, although production is lower than in 2021. November’s average crude palm oil selling price is €1,043/ metric tonne – 9% higher than in November 2021.

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Crude palm il extraction rates improved to 20.9% in November 2022, although production fell by more than two-fifths to 1,535 tonnes. Other producers in the country have also produced less.


Commissioning of the cashew plant continues, and it should have a capacity of 10,000 tonnes a year. There is interest from buyers in Rotterdam and the quality is thought to be good.

Net debt is expected to be €30.3m and it should come down significantly in 2023. A small profit is forecast for 2022 and the initial contribution from cashews is expected to enable pre-tax profit to be more than €4m. Revenues could reach €50.4m with a €12m contribution from cashews.

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At 3.3p, the shares are trading on eight times prospective 2023 earnings.

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