Okomu Oil Suffers 8.72% Fall in Annual Profit, to Pay N3 Dividend

By Dipo Olowookere

The annual profit of Okomu Oil Palm Company Plc depreciated by 8.72 percent in 2018 financial year, the financial statements of the Edo State-based firm have revealed.

The profit after tax, which was N9.3 billion in 2017, dropped to N8.5 billion in 2018, while the profit before tax declined to N10.3 billion from N11.1 billion.

A brief analysis of the results showed that revenue generated by the company in the period under consideration marginally reduced to N20.258   billion from N20.262 billion, while the external charges rose to N4 billion from N3.7 billion.

In the year under review, the finance income closed at N353.7 million versus N490.9 million, while the finance costs reduced to N292.6 million from N484.4 million.

Also, the administrative expenses during the year declined by 5.79 percent to N2.9 billion from N3.1 billion, while the raw materials and consumables used fell to N4.4 billion from N4.8 billion.

Okomu Oil said that in the year, it successfully completed all statutory environmental audits without any state or federal sanctions and achieved certification on 3 ISO certification schemes for good quality products, environment and safety.

Business Post reports that the earnings per share of Okomu Oil in its 2018 FY earnings was not impressive as it dropped to N8.90k from N9.76k.

However, the board declared a dividend of N3 per share to be paid to shareholders on June 25, 2019 if approved at the Annual General Meeting (AGM) fixed for June 13, 2019 at the Transcorp Hilton Hotel, Abuja.

The closure date for the dividend, according to the board, is May 15 – 18, 2019.