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Agricultural company Dekel Agri-Vision said it expected to report improved first-half performance as higher crude palm oil prices and better extraction rates were expected to more than offset lower volumes.
In the first half of the year, palm kernel oil (PKO) production fell to 1,715 from 1,896 tonnes on-year.
But crude palm oil (CPO) prices increased 19.2% to €602 per tonne offsetting lower volumes sold of 23,906 tonnes, down 26,702 tonnes.
The reduction in PKO sales in the first half of 2020 reflected the impact of COVID-19 on demand for premium PKO oil, the company said. But higher than normal stock levels were expected to unwind during the second half of the year.
'[W]e expect to report a more profitable H1 financial performance compared to last year,' Dekel Agri-Vision said.
At 9:58am: (LON:DKL) DekelOil Public Ltd share price was 0p at 2.1p