Okomu Oil Palm Plc has reported a 43.22% decrease in its profit after tax as at the period ended 30 September 2019.
This was disclosed in the company’s interim financial statements published earlier today on the website of the Nigerian Stock Exchange.
Gross Profit: The financial statement shows that Okomu Oil generated N13.32 billion in Gross Profit over the past nine months of 2019. This is indicative of 7.37% decrease compared to N14.38 billion which was generated in Q3 2018.
Profit Before Tax: This also declined by 30.16% to N6.09 billion in Q3 2019, down from N8.72 billion in Q3 2018.
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Profit After Tax: The firm’s profit for the period dipped by 43.23% to N4.11 billion, down from N7.24 billion in Q3 2018.
Earnings Per Share: The company’s earnings per share for the period stood at N4.31, as against N7.59 in the third quarter of 2018.
About Okomu Oil Palm Company Plc: The Okomu Oil Palm Company Plc was established in 1976 as a Federal Government pilot project aimed at rehabilitating oil palm production in Nigeria.
In 1990, the Technical Committee on Privatisation and Commercialisation (TCPC) privatized the company on behalf of the Federal Government of Nigeria.
Please don’t misinform readers. Okomu’s Q3 profit did not decline. It was the 9M profit that declined