Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
DekelOil's losses shrunk to €0.07m from €0.5m with revenue improving to €14.6m from €14.1m as announced in its interim results for the period ending 30 June 2019.
Gross margin made gains to 15.4% from 14.6% due to lower raw material costs, with administrative expenses lowered 6.3% to €1.5m.
Post period,a €7.2m 10-year senior secured loan facility was entered into with AgDevCo Limited, a UK government-backed social impact investor in Africa's agriculture sector.
DekelOil executive director Lincoln Moore said:
'Strong progress has been or is being made on numerous fronts including a rebound in first half palm oil production at Ayenouan, construction commencing at the cashew processing plant at Tiebissou and a €7.2m loan facility and €1.5m equity investment secured from leading social impact investor AgDevCo which has materially strengthened our Balance Sheet.'
'This has been achieved despite operating within the framework of the lowest sustained palm oil prices we have seen since operations at our seed to oil project at Ayenouan commenced in 2014. Critically, in the last month we have seen palm oil prices begin to strengthen and we are optimistic palm oil prices will continue to rise over the next 6 to 12 months.'
At 9:54am: (LON:DKE) Dukemount Capital Plc share price was 0p at 0.79p