Okomu Oil Plc, which claims to be Nigeria’s biggest oil palm plantation, saw it’s share price rise the most in 6 months as increased rubber cultivation buoyed profit.
The shares jumped 10 percent to N34.73 by close of trading, the biggest advance since February this year. Net income for the six months through June rose to 95.12 percent to N3.59 billion compared N1.84 billion a year earlier, the Lagos-based company said in a statement published Wednesday on the Nigerian Stock Exchange’s website.
Sales followed the same growth trajectory as it increased by 50.80 percent as the company continues to double capacity in dry rubber per hour.
Okomu, which has been producing palm oil for 35 years in the West African nation, started a rubber-tree plantation in 2001 and exports all the rubber it produces.