Earnings Release • Dec 21, 2016
Earnings Release
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Paris & Brussels, 21st December 2016 (8.30 am) – KKO INTERNATIONAL, a leading company in the innovative production of cocoa, has announced that it has harvested its first 100 tons of cocoa beans.
SOLEA, KKO International's production company in Ivory Coast, began its first harvests in October 2016 and already has brought in over 100 tons of cocoa beans.
As we stated with the publication of our half-year results, this initial harvest is particularly encouraging, recording an average of 45 beans per pod, or 97 beans per 100 g.
In addition to the first 100 tons of cocoa, the harvest of yams also started at the beginning of December and will continue through until March next year. Thus far, 250 tons of yams have been harvested.
On the other hand, the Group is negotiating additional private finance to secure the planting of the 3 000 hectares planned.
At the current time, the Group has total land of 2 399 hectares, 1 549 hectares of which is already in operation.
"I am delighted with these initial harvests," stated Remy Allemane, Chief Executive Officer of the SOLEA subsidiary in Ivory Coast. "They mark an important milestone for the plantation and we are meeting our productivity targets. In line with the established system in Ivory Coast, we have sold these beans at the price of 1 100 FCFA, which is the official floor price set by the Coffee-Cocoa Council for 2016/2017. This figure was up 10% compared with the previous harvest. Given the current stage of our development, we are not much affected by current movements in the price of cocoa. After the shortfall experienced with the previous harvest and the fairly strong recovery in production seen in recent weeks, we are now seeing something of an ad hoc adjustment. Nonetheless, structural demand for cocoa continues to rise. Also, chocolate manufacturers are always looking for sources of cocoa that offer consistent quality and quantity."
World production of cocoa, nowadays mainly small scaled, does not allow food industrials/manufacturers to be supplied with consistent quality and quantity. KKO INTERNATIONAL, pioneer in intensive agriculture, brings an ingenious solution to the growing global demand. In less than 3 years, the staffs of SOLEA, production subsidiary of KKO INTERNATIONAL based in Ivory Coast, have managed to develop innovative agricultural techniques, including a dripping irrigation system at the foot of each plant, significantly improving the production of cocoa beans. With a strong local involvement, the company is a socially responsible business model (RainForest Alliance Certification) and holds a surface of 2 399 hectares including 1 549 hectares in operation. As Africa's largest cocoa plantation, SOLEA aims to grow 3000 hectares to produce a high-quality cocoa bean year round. SOLEA is thus set to become a natural and favorite partner of the chocolate industry. www.kko-international.com
Alternext Paris & Brussels Isin: BE0974284169 – ALKKO PEA-PME eligible
KKO INTERNATIONAL [email protected]
Sophie Boulila/Grégory Bosson [email protected] Ph.: + 33 (0)1 53 65 68 62
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