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Okomu Oil Plc records 27.01% decline in 2020 Q3 revenues

Okomu Oil Plc recorded declined revenues from its two revenue-generating units. 

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Okomu Oil Palm 's profit declines by 43.22% as at Q3 2019

Okomu Oil Plc reported revenues of N5.09 billion in 2020 Q3 compared to N6.9billion in the corresponding period of 2019. 

READ: Palm Oil: Industry potentials remain untapped    

Key highlights for 2020 Q3 

  • Revenues declined to N5.09 billion, -27.01% YoY.
  • Revenues from local sales declined to N4.23 billion, -28.99% YoY. 
  • Revenues from export sales declined to N866.43 million, -15.48% YoY. 
  • Finance income declined to N5.28 million, -98.52% YoY. 
  • Finance cost increased to N139.66 million, +22.58% YoY. 
  • Cost of sales increased to N1.08 billion, +105.49% YoY. 
  • Pre-tax profits declined to N1.31 billion, -59.75% YoY. 
  • Earnings Per Share declined to N1.04, -37.35% YoY. 

READ: International Breweries Plc records 1.53% decline in YOY revenues

Bottom Line: Okomu Oil Plc recorded declined revenues from its two revenue-generating units. Okomu Oil Plc’s profits also declined in the third quarter due to declined finance income, as well, as the rising cost of sales and finance 

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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