Okomu records N4bn profit

Nigeria’s agriculture firm, Okomu Oil Palm Plc, has recorded N4.007bn as Profit After Tax in the first half of this year.

This is an increase when compared to the N2.529bn posted by the firm during the corresponding period of 2019.

Okomu oil, in its H1 2020 unaudited financial statements released by the Nigerian Stock Exchange, revealed a turnover of N13.527bn.

This is a 57.92 per cent increase compared to N8.566bn recorded during the same period in 2019.

The company’s cost of sales reduced, as the market cost for oil palm stood at N996.342m against N1.405m in 2019. Similarly, the marketing cost for rubber during the period was N86.639m against N286.571m. Altogether, the total cost of sales for the period was N1.082bn against N1.692bn recorded in 2019.

However, Okomu’s operating expenses rose by 67.44 per cent year-on-year. In numerical terms, it rose from N3.962bn in H1 2019 to N6.634bn H1 2020.

Its stock has recorded impressive returns to its investors, especially this year. The share price is currently trading at N74.95, close to its 52 weeks high of N77.40.

While the market capitalisation stood at N71.496bn, the stock’s present dividend yield stands at 2.75 per cent and earnings per share at 7.33k.

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