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HomePoliticsAgainst COVID-19 headwinds, Okomu Oil records N4 billion profit in H1 2020;

Against COVID-19 headwinds, Okomu Oil records N4 billion profit in H1 2020;

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Nigeria’s agriculture firm, Okomu Oil Palm Plc, has recorded N4.007 billion as profit after tax in H1, 2020. This is an increase when compared to the N2.529 billion posted by the firm during the corresponding period of 2019.

Okomu oil, in its H1 2020 unaudited financial statements which was released via the Nigerian Stock Exchange’s website, revealed a total turnover of N13.527 billion. This is a 57.92% increase compared to N8.566 billion recorded during the same period in 2019.

Meanwhile, the company’s cost of sales reduced in H1, 2020 as the market cost for oil palm stood at N996.342 million as against N1.405 million in 2019. Similarly, the marketing cost for rubber during the period was N86.639 million, compared to N286.571 million. Altogether, the total cost of sales for the period was N1.082 billion compared to N1.692 billion recorded in 2019.

However, Okomu Oil’s operating expenses rose by 67.44% year on year. In numerical terms, it rose from N3.962 billion in H1,2019 to N6.634 billion H1,2020.

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Okomu Oil’s stock has recorded impressive returns to its investors, especially in 2020. The share price is currently trading at N74.95, close to its 52 weeks high of N77.40. Its market capitalization at the time this report was drafted stood at N71.496 billion. Also, the stock’s present dividend yield stands at 2.75% and earnings per share at 7.33.

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