Okomu Oil Plc reported revenues of N5.09 billion in 2020 Q3 compared to N6.98 billion in the corresponding period of 2019.
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.
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.