Okomu Oil Palm Records N20.50bn Revenue…PAT up by 46.28% to N7.39bn
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.
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.
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