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DekelOil (LON:DKL) has enjoyed a successful six months – a period in which it became a revenue generating and profitable integrated palm oil producer.
The Ivory Coast-based firm turned over €4.5mln and posted earnings before interest tax and depreciation (EBITDA) of €300,000 in the six months ended June.
It followed the full commissioning of plant in March, which crunches 60 tonnes of feedstock every hour.
Dekel is currently refining its logistics strategy, where it takes fruit from smallholders, by setting up collection hubs.
Executive director Lincoln Moore said: "The first six months of the year have been highly fruitful for DekelOil and I am pleased to report that we met our key objectives during the period.
“Considering that the mill was only operational for four months of this half year period, we are very pleased with the revenue and EBITDA reported and we look forward to building on this.
“We have a defined growth strategy focused on increasing our production and planted land position.
“We are operating in a highly dynamic sector, and look forward to maximising our value in the coming months and beyond."
The shares, up 66% in the past year, added a further 3.4% to 1.53p. N+1 Singer has set a price target of 1.92p.
It told investors: “The market dynamics of West African palm oil are attractive on the global stage for climate and agricultural reasons.
“The region continues to attract interest from the larger global palm oil operators.”