Okomu Oil Plc released its 2014 half year results posting a flat revenue growth of N4.86billion (2013 H1: N4.82billion). Gross profits increased 38% to N3.3billion compared to N2.4billion same period 2013. The increase in Gross Profits was as a result of a 37% drop in cost of sales. Operating expenses 45% to N1.59billion and slicing 47% of Gross profit compared to 45% the year before. Finance cost dropped 41% to N71million. Pre-tax profits at the end of the period was N1.7billion a 21% rise from N1.4billion in 2013.
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It seems the company reclassified their expenditure,the decrease in cost of sales and Distribution,sales and marketing compare to the rate of increase in Admin Expenses gave an indication that it was just a reclassification of Expenditure.