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.