Okomu Oil Plc Records N37 Billion In Profit In 12 months 2021

What You Should Know Okomu Oil Plc Generates N37 Billion

Key highlights of the report

• A cursory look at the notes to account revealed that the company trades its products locally and via exports as well.
• Local sales during the period, raked in N31.89 billion, representing 85% of the total revenue generated in 2021, while export sales stood at N5.56 billion, representing about 15% of total revenue.
• The company recorded its highest revenue in the first quarter of 2021, owing to inflationary pressures in the first quarter, where inflation reached its peak for the year. (March 2021: 18.17%).
• Operating Expenses grew by 42.55% which suggests that the company spent more on its normal business operations.
• Taxation for the period stood at approximately N2.24 billion appreciating by over 100%, as contained in the financial statement, thereby subduing the net profit.
• In 2021 FY, net profit appreciated by 80.50% from N7.78 billion to N14.04 billion.
• The company’s total net assets increased by N7.56 billion from N34.78 billion recorded as of December 2020 to N42.34 billion in the period under review.
• Okomu Oil Plc last traded at N142.00 per share and its market capitalization stands at N135.46 billion as of Thursday, February 3, 2022. Year-to-date performance shows that the share price of the company has remained unchanged.