Dekel Agri-Vision - AGM Statement
"This year's AGM Statement is expected to be both a first and a last. A first AGM Statement as Dekel Agri-Vision following last year's name change from
"Bringing Tiebissou into production will be a major milestone for the Company on a number of levels. Not only will it scale up our revenues and cash flows which in turn can be reinvested into new ventures, but it will also be important in terms of risk management. By providing Dekel with exposure to a new commodity and new end markets, the Company's financial performance will no longer be solely dependent on the annual peak palm fruit harvest in Côte d'Ivoire and on movements in international CPO pricing benchmarks.
"As well as diversifying our revenues and end markets, our state-of-the-art plant at Tiebissou will also benefit local farmers in the region by providing a much-needed outlet for the raw cashew nuts ('RCN') they produce. Even though Côte d'Ivoire is one of the world's largest producers of cashews, less than a fifth of domestic production is processed in-country. Our plant, which will initially have a capacity to process 10,000 tonnes of RCN per annum, will help to ensure more of the value on offer is retained in Côte d'Ivoire.
"The above is key as it illustrates how our model, which places local farmers at the centre of operations, can benefit all stakeholders, not just our shareholders but also the local communities in which we operate. The social benefits our collaborative smallholder model provides to the local region and environment are significant and in line with this we continue to progress the RSPO certification process at the Company's palm oil operations at Ayenouan towards completion. While COVID-19 has delayed completion of the RSPO review process, we are confident that once conditions normalise certification will be secured which will further strengthen Dekel's ESG credentials.
"Having two producing projects in
"Over the course of the last financial year, the building blocks have been put in place to transform Dekel from a single project, single commodity agriculture company into a multi-project, multi-commodity West African focused agriculture company that puts the local communities in which it operates at the heart of its operations. I am confident the year ahead will see Dekel take a major step towards achieving this objective and I look forward to providing further updates on our progress."
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Quick facts: Dekel Agri-Vision plc
Market Cap: £9.97 m
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