StockMarketWire.com - Agriculture company Dekel Agri-Vision said its financial performance was likely to benefit 'significantly' from higher palm oil prices during 2020.

Global crude palm oil (CPO) prices had jumped over the past three months and were currently trading at approximately US$870 per tonne, a 70% increase on the sub US$500 levels seen in the summer of 2019, the company said.

Production in 2019, meanwhile, rose 14% to 37,649 tonnes on-year, as a period of extremely high rainfall in September and October combined with a weak low season restricted fourth-quarter production to 3,912 tonnes, down from 5,464 tonnes last year. 'During 2020 we will also continue laying the foundations for future growth in 2021 and beyond with the ongoing construction of the cashew processing facility,' the company said. '2021 is expected to be the first year to benefit from the large-scale cashew processing operations at Tiebissou and as a result of attractive economics, a lack of in-country processing capacity and strong underlying global market drivers, Tiebissou has the potential to be a major income generator,' it added.

At 9:02am: [LON:DKL] DekelOil Public Ltd share price was +0.2p at 3.85p



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