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Okomu Oil Palm Company Plc has reported a pre-tax profit of N33.84 billion in FY 2023, representing a 44% growth from N23.52 billion in FY 2022.
According to the group’s audited financial statement for 2023, it recorded a revenue of N75.11 billion, representing a 27% growth from the N59.32 billion posted in 2022.
The company’s total assets increased in 2023 by 31.2% to N95.10 billion from the N72.50 billion posted in 2022. Even as the company’s shareholders fund increased by 14% to N38.87 billion from the N34.03 billion posted in 2022.
Key Highlights (FY 2023 vs FY 2022)
Revenue from contracts with customers: N75.11 billion, +27% YoY
Other income: N10.85 billion, +510% YoY
Raw materials and consumables used: N12.52 billion, +7% YoY
Other expenses: N15.69 billion, +43% YoY
Finance costs: N3.67 billion, +243% YoY
Finance income: N5.22 billion, +5% YoY
Profit before taxation: N33.84 billion, +44% YoY
Profit for the year: N20.65 billion, +27% YoY
Total equity: N38.87 billion, +14% YoY
Total assets: N95.10 billion, +31% YoY
Earnings per share: N21.64, +27% YoY
As of March 29, Okomu Oil closed with a share price of N243 on the NGX, representing a 6.54% year-to-date decline.
What you should know
In 2023, the company posted the value of its harvested produce as N1.01 billion, representing a 60.5% increase from the N630.34 million posted in 2022.
During the year, the company harvested about 279,834 tonnes of Fresh Fruit Bunches, representing a 12.4% increase from the 248,975 tonnes harvested in 2022. The company also sold 56,103 tonnes of palm oil in 2023, up by 12.8% from the 49,745 tonnes sold in 2022.
The company harvested 9,884 tonnes of cups of lumps in 2023, marking a 31.9% increase from the 7,492 tonnes harvested in 2022.
Then the company sold 9,863 tonnes of rubber cake, representing a 17.3% increase from the 8,409 tonnes sold in 2022.
The company operates 3 concessions totalling about 33,112 hectares of land. Okomu Oil operates 19,044 hectares of oil palm plantation, 7,335 hectares of rubber plantation, and 2,976 hectares of HCVs (High Conservation Values).
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David Olujinmi
David Olujinmi is an ambitious and dynamic individual with a strong educational background in engineering. While engineering laid the foundation for his analytical skills, David’s true passion lies in the world of finance, particularly in the intricacies of capital markets, investment banking, and asset management.
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