By Adedapo Adesanya
Okomu Oil Palm Plc has released its interim report for the half year (H1) 2019 and from the analysis, the firm posted lower profit and turnover from what was recorded by the palm oil processing company in H1 2018.
Total revenue generated as at the end of June 30 was N8.6 billion, lower than the N12.9 billion raked in H1 2018. This may have been impacted by the lower cost of sales recorded by the company in the period under consideration, which stood at N1.7 billion against N1.8 billion in the comparative period last year.
As a result of this, the company recorded a lower gross profit of N6.9 billion against N11.1 billion recorded in H1 2018.
Okomu Oil Plc stated in its books that in the first six months of this year, it cut down its net operating expenses to N4.0 billion from 4.2 billion recorded in last year’s H1.
Also, the processing company went on to record a profit of N2.91 billion from continuing operations before tax changed in fair value against N6.96 billion actualized in the first half of 2018, with the finance income closing as at H1 2019 at N24.8 million from N232.4 recorded in H1 2018.
In addition, the total finance costs were also cut to N101 million in H1 2019 from 254 million in H1 2018, with a total of N306 million paid as tax in H1 2019 against N1 billion paid in H1 2018.
All these brought about the company recording a profit after tax of N2.5 billion as against a higher N5.9 billion recorded by the company in 2018.
Dipo Olowookere