Okomu declares over N20bn profit

Okomu Oil Palm Company Plc has reported a profit after tax of N20.20bn for the first half of the year, reflecting a 24.69 per cent increase from N16.20bn recorded in the same period of 2023.

This was disclosed in the firm’s interim report for the six months ended June 30, 2024, filed with the Nigerian Exchange Limited.

The company’s turnover improved by 84.72 per cent to N75.01bn in H1 2024, up from N40.60bn in the previous year, driven by higher local and export sales.

Cost of sales rose by 174.68 per cent to N30.48bn from N11.10bn in the previous year, primarily due to higher production volumes and raw material costs.

Gross profit for the period stood at N44.53bn, a 51 per cent increase from N29.50bn while net operating expenses rose by 43.56 per cent to N14.04bn from N9.78bn due to higher administrative and selling expenses.

Profit from continuing operations before tax was N30.49bn, up 54.61 per cent from N19.72bn in the previous year.

Finance income increased by 61.1 per cent to N6.22m from N15.99m, while higher interest expenses and foreign exchange losses pushed finance costs up by 124.03 per cent to N953.72m from N425.60m in H1 2023.

Taxation expenses rose by 35.30 per cent to N9.07bn from N6.71bn, and earnings per share for the period increased by 24.63 per cent to N21.17.

The company’s total assets stood at N74.98bn, up from N70.01bn, while current liabilities rose by 40.52 per cent to N35.27bn.

At the firm’s 44th annual general meeting, it was resolved that all shareholders would receive a N13.35bn dividend, or N14 per share, subject to withholding tax.

The directors’ emoluments of N171.42m for the year ended December 31, 2023, were ratified.

The PUNCH reports that three staff members of Okomu Oil Palm Company Plc were killed by gunmen recently while working on their plantation in Benin, Edo State.