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Okomu Oil Plc records 24.1% increase in 2020 FY revenue

Okomu Oil Plc recorded increased revenues from one of 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 has reported revenue of N23.41 billion in 2020 compared to the N18.87 billion recorded in the corresponding period of 2019. 

Key highlights for 2020 FY 

  • Revenue increased to N23.41 billion, +24.08% YoY. 
  • Revenue from local sales increased to N20.5 billion, +29.17% YoY. 
  • Revenues from export sales declined to N2.91 billion, -2.89% YoY.  
  • Finance income declined to N7.13 million, -97.96% YoY. 
  • Finance cost also declined to N70.23 million, -62.92% YoY. 
  • Cost of sales increased to N7.70 billion, +30.78% YoY. 
  • Pre-tax profits increased to N8.45 billion, +12.35% YoY. 
  • Earnings Per Share increased to N7.74, +46.31% YoY

Okomu Oil Plc recorded a significant increase in revenue generated from local sales, which translated to a 46.3% increase in profit after tax despite the increase recorded in the cost of sales and a decline in finance income.

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

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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on

Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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