In a recent update, Okomu Oil Palm Company Plc shared that they have generated a profit after tax amounting to over N20.20bn for the first half of the year. This marks a significant increase of 24.69% compared to the N16.20bn recorded in the corresponding period of 2023.
The company’s interim report for the six months ending on June 30, 2024, submitted to the Nigerian Exchange Limited, indicated a remarkable 84.72% surge in turnover to N75.01bn from N40.60bn in the prior year. This growth was primarily propelled by elevated local and export sales.
The cost of sales experienced a substantial rise of 174.68% to N30.48bn, up from N11.10bn in the previous year, attributed to increased production volumes and raw material expenses.
The gross profit for the period reached N44.53bn, indicating a 51% increase compared to N29.50bn, while net operating expenses climbed by 43.56% to N14.04bn from N9.78bn due to escalated administrative and selling costs.
The profit from continuing operations before tax surged to N30.49bn, marking a 54.61% increase from N19.72bn in the preceding year.
Moreover, finance income rose by 61.1% to N6.22m from N15.99m, with increased interest expenses and foreign exchange losses leading to a 124.03% spike in finance costs to N953.72m from N425.60m in H1 2023.
Taxation expenses also witnessed an uptick of 35.30% to N9.07bn from N6.71bn, while earnings per share for the period showed growth of 24.63% to N21.17.
The company’s total assets rose to N74.98bn from N70.01bn, and current liabilities increased by 40.52% to N35.27bn.
During the 44th annual general meeting, it was decided that all shareholders would receive a dividend of N13.35bn, equivalent to N14 per share, after withholding tax deductions.
Additionally, the directors’ emoluments amounting to N171.42m for the year ending December 31, 2023, were approved.
NewsNow revealed a tragic incident where three Okomu Oil Palm Company Plc staff members lost their lives to gunmen while carrying out their duties on the plantation in Benin, Edo State.