Dekel Agri-Vision revenues climb 66.2% to €37.4m as company ramps up cashew operations

Dekel Agri-Vision shares fell 1.4% to 3.3p in late afternoon trading on Thursday following a reported 66.2% climb in revenue to €37.4 million against €22.5 million in FY 2021, including the sale of Crude Palm Oil (CPO), Palm Kernel Oil, Palm Kernel Cake and Nursery Plants.

The agriculture firm announced a gross margin increase of 70.6% to 17.4% from 10.2% the last year, with post period end margins further rising towards historical rates.

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Dekel Agri-Vision mentioned a 333.3% growth in EBITDA to €5.2 million compared to €1.2 million, alongside a net post-tax profit of €1 million against a loss of €2.2 million year-on-year.

The company noted its cashew processing plant at Tiebissou in Côte d’Ivoire recorded a net loss of €400,000 over the financial year during its construction phase, and entered the commissioning phase in December last year.

The group confirmed pilot production and sales commenced in early January after the close of FY 2021.

“It was a significant year for Dekel with our Palm Oil Operation delivering record breaking operating and financial results and our Cashew Operation moving materially towards first production, albeit with unprecedented macro conditions impacting the timing of delivery of full capacity,” said Dekel Agri-Vision executive director Lincoln Moore.

“Whilst macro conditions are challenging, CPO prices continue to remain strong, underpinning the profitability of the Palm Oil Operation despite a period of weaker fresh fruit bunches (‘FFB’) volumes in H1 2022 and, together with the imminent ramp-up phase of the Cashew Operation, Dekel is well positioned to deliver a period of transformational operating and financial growth.”

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