Okomu Oil Palm Company Plc has declared a Final Dividend of N26.00 for each ordinary share of N50 kobo, payable to shareholders listed on the Register of Members as of the close of business on April 24, 2025.
This announcement was made in a disclosure published on the Nigerian Exchange on April 3, 2025, and signed by the company secretary, Chukwuebuka Omerole.
The final dividend, for the period ended December 31, 2024, is subject to withholding tax and regulatory approval, with payments expected to be made to qualified shareholders on May 22, 2025.
Additionally, the company emphasized that completing the e-dividend registration is essential for qualification and noted that payments would be made via electronic transfer to shareholders’ bank accounts.
What to know
- Okomu Oil’s final dividend of N26 translates to N24.8 billion.
- Based on a share price of N545.2, the dividend yield is at 4.77%.
- The dividend also translates to a dividend payment ratio of 62.79%.
- Furthermore, the company’s price-to-earnings ratio is at 14.92x, lower than the industry average of 36.92x, indicating it is undervalued.
Performance overview
Okomu Oil reported a pre-tax profit of N53.5 billion for the year ended December 31, 2024, marking an impressive 58.27% increase from the N33.8 billion reported the previous year.
- The company’s balance sheet reflects retained earnings of N53.9 billion, up from N36.8 billion in the prior year.
Revenue soared by 73.36% year-over-year, totaling N130.2 billion.
- Palm oil production was the primary contributor, accounting for N107.5 billion, while rubber sales brought in N22.5 billion and palm oil processing added N149.6 million.
Chairman, Mr. Gbenga Oyebode commented on the results, stating, “This exceptional performance was driven mainly by the sustained rise in the prices of our key products, with crude palm oil prices increasing approximately 35% year-on-year, alongside a remarkable 194% rise in rubber prices.”
He further acknowledged the support of shareholders, saying, “In recognition of our company’s strong performance, the Board of Directors declared an interim dividend of N10.00 for the fiscal year 2024 to reward our loyal shareholders for their continued trust. Additionally, the Board has recommended a final dividend payment of N26 per share, bringing the total dividend payout for 2024 to N36 per share.”
