The firm said it will adopt a progressive dividend policy over the coming three years, something it hinted at in Monday’s press release which confirmed it had converted all of its outstanding capital notes into new shares.
It will make the first payment when it releases its results for the year ended 31 December 2016 later in this half, with the total dividend expected to amount to around £500,000.
That works out at around 0.002p per share, which shareholders will have the option to receive either cash or shares by way of a scrip dividend.
“Joining the dividend list is a major achievement for any company, let alone one that only came to market in 2013,” said executive director Lincoln Moore.
The introduction of a dividend has been largely influenced by performance both on the ground at its Ayenouan palm oil project in the Côte d'Ivoire as well as in the boardroom.
In the 2016 full-year production update also released this morning, sales of palm oil and palm kernel oil from Ayenouan increased by 12% year-on-year to €26.1mln.
That rise came despite a 5% dip in the average palm oil price, which fell to €575 per tonne during the period. Towards the end of the year though, Dekel was getting €700 per tonne, the highest price for more than three years.
The average price of palm kernel oil was healthier though, gaining 9% throughout 2016 to €808 per tonne.
DekelOil produced 39,111 tonnes of palm oil last year, an increase of 9%, while production of palm kernel went through the roof to 3,468 tonnes – up 387% year-on-year.
“This is our third consecutive year of CPO production growth,” said Moore.
“In our view, whilst the growth experience in 2016 is pleasing, the full year outcome would have been even better if not for the CPO pricing issues in the second quarter caused by the currency crisis in Nigeria and unusually low production during the low season in the second half.”
Shares were up 5% to 13.15p in early deals on Tuesday.