Okomu Oil Palm Grows Revenue by 46% in Q3, 2019

• Okomu Oil Palm Grows Revenue by 46% in Q3, 2019

Okomu Oil Palm Company Plc posted a 46.32 percent increase in revenue for the quarter ended September 30, 2019.

In the unaudited financial statements released through the Nigerian Stock Exchange (NSE), the company realised N6.977 billion in the third quarter (Q3) of the year, 46.32 percent higher than the N3.745 billion reported for the corresponding quarter of 2018.

Okomu’s cost of sales rose slightly by 3.71 percent to N523.49 million in Q3, 2019, up from N504.06 million in Q3, 2018.

Total gross profit jumped 49.7 percent in Q3, 2019 to N6.45 billion from N3.24 billion recorded in the same period of 2018.

The company’s net operating expenses also jumped 57.4 percent to N3.432 billion in the quarter, up from N1.462 billion from the same quarter of 2018.

Profit before tax rose by 45.58 percent to N3.264 billion in the third quarter, high than the N1.776 billion record in Q3, 2018.

Profit after tax grew by 17.87 percent from N1.3 billion recorded in the third quarter of 2018 to N1.583 billion in Q3, 2019.

Earnings Per Share (EPS) increased from N1.36 in Q3, 2018 to N1.66 in the third quarter of 2019.

The company’s total fixed assets stood at N30.363 billion as at September 2019, up from N29.409 billion as of December 2018.

Okomu oil proposed an interim dividend of N2.00 per 50kobo ordinary share. Only shareholders whose names appear in the Register of Members at the close of business on Wednesday, 30th October 2019 will be paid, the company stated.