Okomu Oil Palm Generated N20.50bn Revenue…PAT up by 46.28%


Okomu Oil Palm Company PLC 2020 year-end financials show a significant 24.08% revenue growth when compared to the full year 2019 turnover. This was majorly driven by a 29.17% growth in local sales from N15.87bn to N20.50bn despite a 2.90% decline in export sales amid the closure of land borders.

Local Sales Boosted Revenue Amid Contraction in Export Sales

Local sales represented about 87% of the total with N20.50bn revenue generated locally compared to the N15.87bn in the preceding year. Notably, OKOMU generated  N23.41bn total revenue against the N18.87bn in 2019. Similarly, Gross profit went up by 21.04% resulting from a 30.78% increase in the cost of sales. This represents a 5.4% upward movement in the cost margin from 31.20% to 32.88% in the current period.

Okomu Oil Palm On track for a Record FY’20

Profit After Tax advanced by 46.28% to N7.39bn

Following an impressive topline performance, operating profit advanced by 15.64%  to N8.53bn despite a 28.14% surge in operating expenses. Consequently, Profit Before Tax and Profit After Tax (PAT) increased by 12.35% and 46.28% respectively. Notably, OKOMU realized N7.39bn PAT compared to the N5.05bn generated in 2019. In summary, EPS advanced by 46.31% from N5.29 to N7.74.

Financial Breakdown (N’Mn)

Okomu Oil Palm Generated N20.50bn Revenue...PAT up by 46.28% Brandspurng

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.