In a triumphant stride forward, British agribusiness powerhouse Dekel Agri-Vision has reported a remarkable 27% surge in turnover from palm oil sales during the fiscal year 2023. The company’s financial prowess reached new heights, with turnover soaring to 33.8 million euros (US$37 million) compared to the previous year’s 26.6 million euros (US$29 million), a testament to its unwavering commitment to excellence and sustainable business practices.
The primary catalyst for this extraordinary outcome was an impressive nearly 50% increase in the volume of palm oil sold, totaling a substantial 38,896 tonnes. Despite a global dip in the average selling price of Crude Palm Oil (CPO), from 1,025 euros (US$1,121) to 869 euros (US$951), Dekel Agri-Vision expressed overall satisfaction with its stellar performance.
Lincoln Moore, the executive director of Dekel Agri-Vision, underscored the success of ten consecutive months of rising CPO production, resulting in a staggering 51.7% increase compared to the previous year. This remarkable achievement, coupled with the company’s ability to navigate market dynamics and maintain competitive prices, marked the fiscal year 2023 as one of the best annual financial performances for the palm oil business.
Challenges and Opportunities Ahead
Looking ahead, industry analysts have identified improving the extraction rate of crude palm oil as a key challenge for the upcoming fiscal year. The extraction rate dipped to 21.4% in 2023, down from 22.1% the previous year. However, Dekel Agri-Vision remains resolute in its commitment to refining processes and enhancing efficiency.
Additionally, the company is focused on stabilizing production in its cashew segment, which faced technical challenges in the cashew shelling and peeling sections during the previous year. Plans for improvement are already underway, reflecting Dekel’s dedication to overcoming obstacles and ensuring a well-rounded portfolio of agricultural products.
Impressive Palm Oil Production Growth
Operating a state-of-the-art nursery and extraction plant at its Ayenouan site, Dekel Agri-Vision witnessed an extraordinary surge in palm oil production in Ivory Coast. Fresh fruit bunch production skyrocketed to 182,362 tonnes in 2023, marking an outstanding 56% increase from the previous year. Crude palm oil production reached a phenomenal 39,073 tonnes, showcasing an impressive growth rate of 512%.
While the production growth is commendable, Dekel noted a 21% decline in its shares due to falling palm oil prices. Despite this, the company remains undeterred, focusing on the broader picture of contributing to the robust palm oil industry in Ivory Coast.
A Vision for the Future
Dekel Agri-Vision, in acknowledging the challenges and embracing opportunities, positions itself as a key player in the thriving palm oil industry in Ivory Coast. The company recognizes the growing demand, both locally and globally, for palm oil – a versatile commodity used for consumption and industrial purposes. Dekel Agri-Vision stands as a beacon of growth, sustainability, and investment opportunities in the dynamic landscape of Ivory Coast’s agricultural sector, poised for an even more remarkable journey ahead.