Wednesday, September 22, 2021

    Okomu Oil Palm Grew Revenue by 19.8% in Q3-2020 Amid Lower Export Sales

    Must read

    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.
    Okomu Oil Palm Company PLC (OKOMU) Q3-2020 financials show a 19.8% growth in revenue majorly driven by a 27.42% increase in local sales. However,  export sales declined by 20.44% in the midst of continuous closure of the land border.

    Okomu Oil Palm generated N18.62bn revenue compared to the N15.54bn generated in Q3-2019 with domestic sales increasing from N 3.07bn to N16.65bn while export sales declined from N2.48bn to N1.97bn in the current period. There was also an improvement in cost management as cost margin declined from 14.3% to 11.6% on the back of 2.60% reduction in the cost of sales.

    Cost Efficiency and Improved Income Boost Bottom-Line Performance

    Following the reduction in the cost of sales and improved turnover, Okomu Oil Palm’s gross profit advanced by 23.5% from N13.33bn to  N16.46bn  while operating profit increased by 22.3%. Okomu generated N7.26bn operating income compared to the N5.93bn realized in Q3-2019.

    Consequently, profit before tax advanced by 11.8% from N6.10bn in Q3-2019 to N6.82bn in Q3-2020. In summary, profit after tax increased by 21.5% from N4.11bn to N4.99bn driving the EPS to N5.24 from the N4.31 recorded in the earlier period.

    Okomu Oil Palm Grew Revenue by 19.8% in Q3-2020 Amid Lower Export Sales
    - Advertisement -spot_img

    More articles

    - Advertisement -spot_img

    Latest article

    WP to LinkedIn Auto Publish Powered By :