Okomu Oil profit rises by 46.2% to N7.38bn | Ripples Nigeria
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Okomu Oil profit rises by 46.2% to N7.38bn

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Okomu Oil’s full-year profit drops by N3bn

Okomu Oil Palm Company Plc has declared that it made a profit of N7.38 billion in 2020, a 46.2 percent increase from N5 billion in 2019.

This is according to the figures disclosed in the company’s recent financial statement, which was published on NSE’s website on Tuesday.

According to the report, the Edo State-based firm’s profit before tax also increased to N8.52 billion from N7.37 billion in 2019.

A brief analysis of the results showed that the company turnover increased by 24 percent to N23.41 billion from N18.867 billion, while finance income reduced to N7.1 million from 348 million reported in 2019.

Read also: Okomu Oil’s full-year profit drops by N3bn

Some other key highlights in the report include gross profit increase to N15.7 billion from 12.9 billion during the corresponding period.

A source of concern is the rising cost of sales (the cost of producing oil palms and rubber) to N7.1 billion from N5.6 billion.

Also, Okomu Oil said that in the year, its export declined marginally to 2.90 billion from N2.99 billion in 2019, although the local sales increased from 15.8 billion to 20.5 billion in 2020.

The firm, however, ended the year with basic earnings per share of N7.74 from N5.29 in 2019.

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