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Okomu Oil half year profit drops by 57%

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Okomu Oil profit drops by 57% at half year 2019

Leading palm oil-producing and agro-business firm, Okomu Oil Plc has recorded a 57% plunge in its Profit After Tax (PAT) for first half of this year. 

The profit dropped by N3.414 billion from N5.943 billion recorded at the end of June 2018 to N2.470 billion declared in the same period this year. Okomu Oil disclosed this in a report sent to the Nigerian Stock Exchange (NSE). 

The document titled: Management Reports on Okomu Oil Plc dated June 30, was published on the NSE website on Monday. 

[READ MORE: Okomu Oil Palm is a SELL]

The company’s turn-over also dipped from N12.939 billion recorded in 2018 to N8.565 billion this year, signalling a steep decrease of 33.80%. 

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The Profit Before Tax (PBT) similarly responded to the negative trend, falling by 59% to N2.835 billion from the N6.945 billion garnered last year. 

The company’s unimpressive performance in the period may be due to its huge investment in new palm oil processing mill, whose construction is ongoing. The project which has been described as the largest in Africa is expected to be completed in 2020. 

(READ ALSO: Okomu Oil’s MD says illegal palm oil importation is a serious threat)

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Okomu Oil Plc’s Earnings Per Share (EPS) equally plummeted during the period in question, dipping significantly by 57.46% from N6.23 in Half Year 2018 to N2.65.  

Why this matters: This development no doubt has impacted Okomu Oil dividend-paying ability, at least, in the short term. Shareholders may experience a decrease in dividend payout when the 2019 financial year ends. 

Consequently, the board and the management of the firm must come up with effective measures to cushion the effects of revenue depletion to sustain shareholders’ confidence. 

On Earnings Per Share: Earnings Per Share is the profit that each unit of a company’s ordinary shares recorded during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares. 

[READ FURTHER: Okomu Oil’s faltering revenue growth dampens performance]

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Ronald Adamolekun is a creative writer with proficiency in journalism, financial reporting, financial analysis and imaginative writing. However, his core competency lies in fiction and short story writing as well as feature writing. He is a graduate of English and Literature from Covenant University, Ota, Nigeria.

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Coronavirus

Covid-19: US to have enough vaccines for vulnerable Americans by end of 2020

The US said it is likely to have enough safe and effective COVID-19 vaccines to inoculate Americans by the end of 2020.

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AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The United States, On Wednesday, revealed that the country is likely to have enough safe and effective COVID-19 vaccines available to inoculate the most vulnerable Americans by the end of 2020.

The U.S. government is cautiously optimistic that one or two vaccines, likely from Pfizer Inc or Moderna Inc, will be available by the end of the year, and can begin to be distributed to Americans, officials said during a news conference.

This was disclosed by the United States Secretary of Health and Human Services, Alex Azar, on Wednesday, October 22, 2020.

Azar said he expected that all seniors, healthcare workers, and first responders would be able to receive vaccines as soon as January, with the rest of the American public able to get vaccines by April.

Companies participating in the U.S. government’s effort to develop vaccines for COVID-19, dubbed Operation Warp Speed, have begun developing manufacturing capabilities even before any vaccination has been authorized by regulators.

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Nairametrics had reported that in an open letter, the Chief Executive Officer of Pfizer Inc, Albert Bourla, disclosed that it could seek emergency use authorization of Covid-19 vaccine in the US by late November, after the US presidential election.

The coronavirus outbreak has been worsening in recent weeks as cold weather pushes Americans indoors, raising the chance of contracting the virus. Some 38 U.S. states and two territories have reported rising case counts. More than 8 million Americans have been infected with the novel coronavirus and more than 200,000 have died.

What this means: This announcement rules out the assertion by US President, Donald Trump, that a Covid-19 vaccine would be ready before the Presidential election. This is also a huge boost for the country, which has suffered the heaviest casualties globally from the pandemic.

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IGP orders immediate withdrawal of police officers attached to VIPs

The IGP has ordered the immediate withdrawal of police officers attached to all VIPs across the country.

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The Inspector-General of Police (IGP), Mohammed Adamu, has ordered the immediate withdrawal of Police Officers who are attached to all Very Important Persons (VIPs) across the country. The Police Officers exempted from this directive are those attached to Government Houses; the Senate President; and the Speaker, House of Representatives.

According to media reports, the directive was contained in a police wireless message dated October 21, 2020, that was sent virtually to Zonal Assistant Inspector General of Police and State Commissioners of Police with reference number, CB:4001/DOPS/SPU/FHQ/ABU/VOL./ORDER.

The statement said, “Any commander who violates this order will bear the consequences.”

This new directive comes barely 10 days after the police authorities disbanded the Special Anti-Robbery Squad (SARS), following nationwide protests against the squad for high handedness and extrajudicial killings.

The signal, which was signed by the AIG POL, Protect, Force Headquarters, Abuja, partly read, “Any protect personnel found escorting or guarding any VIP with or without a firearm is deemed to be deployed by the Commander and the Commander will be sanctioned.”

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It further directed the affected personnel to report to their respective command Commissioners of Police.

It can be recalled that successive IGPs have issued similar orders in the past, which were barely implemented.

In another development, the IGP has sent emissaries to the Chairman, Police Service Commission (PSC), Musiliu Smith, in a bid to have a smooth working relationship with the retired police boss.

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It was gathered that two former IGs, Mike Okiro, and Suleiman Abba, visited the PSC Chairman at his office in Abuja on Wednesday, following Smith’s refusal to meet with Adamu on several occasions.

A source explained that Okiro and Abba spent over three hours trying to persuade Smith to reconcile with the IG, who has been at loggerheads with the PSC over the recruitment of constables into the Nigeria Police Force.

What this means

This appears to be part of measures aimed at kick-starting the much talked about reforms in the Nigerian Police Force. The full implementation of this order will make more police officers available to provide security to Nigerians, as a huge number of the force provides security to private individuals and companies in a country that is greatly under policed.

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Coronavirus

COVID-19 Update in Nigeria

On the 21st of October 2020, 37 new confirmed cases were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,667 confirmed cases.

On the 21st of October 2020, 37 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 4,648 samples across the country.

To date, 61,667 cases have been confirmed, 56,880 cases have been discharged and 1,125 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 595,283 tests have been carried out as of October 21st, 2020 compared to 590,635 tests a day earlier.

COVID-19 Case Updates- 21st October 2020,

  • Total Number of Cases – 61,667
  • Total Number Discharged – 56,880
  • Total Deaths – 1,1125
  • Total Tests Carried out – 595,283

According to the NCDC, the 37 new cases were reported from 9 states – FCT (8), Lagos (7), Taraba (5), Rivers (5), Adamawa (4) Kaduna (3), Anambra (2), Osun (2), Ogun (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,733, followed by Abuja (5,943), Plateau (3,587), Oyo (3,421), Rivers (2,742), Edo (2,648), Kaduna (2,572), Ogun (1,987), Delta (1,812), Kano (1,741), Ondo (1,659), Enugu (1,314),  Kwara (1,050), Ebonyi (1,049), Osun (918), Katsina (904), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 607 cases, Benue (484), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (248), Sokoto (162), Taraba (117), Kebbi (93), Cross River (87), Zamfara and Yobe (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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