Nigeria’s leading oil palm production company, Okomu Oil Palm has released its financial results for FY 2023, posting a pre-tax profit of N32.9 billion which marks a 43.4% increase from the N22.9 billion posted in FY 2022.
The company which is based in Edo State recorded a turnover of N75 billion in 2023, representing a 26.6% growth in revenue from the N59.2 billion recorded in 2022. In Q4 2023, the company recorded a turnover of N14.3 billion, which marks a year-on-year growth of 58.2% from the N9.07 billion recorded in Q4 2022.
Key Highlights FY 2023 (FY 2022, % Change)
- Turnover: N74.99 billion (N59.25 billion, +43.4%)
- Cost of Sales: N27.61 billion (N19.80 billion, +39.5%)
- Gross Profit: N47.38 billion (N39.45 billion, +20.1%)
- Net Operating Expenses: N17.30 billion (N14.44 billion, +19.7%)
- Profit on continuing operations before tax: N32.9 billion (N22.9 billion, +43.4%)
- Profit on continuing operation after tax: N21.2 billion (N17.3 billion, +22.1%)
- Earnings per Share: N22.19 (N18.17, +22.1%)
- Fixed Assets: N59.42 billion (N57.07 billion, +4.1%)
- Total Net Assets: N39.46 billion (N34.03 billion, +15.9%)
What you should know
Okomu Oil Palm Company was founded by the Federal Government in the Okomu Forest Reserve in 1976. The company became publicly listed in 1990 on the Nigerian Stock Exchange in 1990. Currently, the major shareholder of Okomu Oil Palm Company is the Luxembourg-based Socfinaf SA, with a 62.95% holding.
The Edo State Ministry of Finance Incorporated also holds a 1.23% shareholding in the company.
From an initial 12,500 hectares of oil palm plantation in 1976, the company now owns 19,061 hectares planted area of oil palm and 7,335 hectares of rubber plantation. As of December 2022, the company produced about 54,091 tonnes of palm oil and 8124 tonnes of dry rubber.
In 2023, the group recorded about N7.95 billion in export sales, representing a 44.7% growth from 2022. The majority of the company’s revenue came from local sales – N67.04 billion, up from N53.75 billion recorded in 2022.
