Okomu Oil Palm Company PLC has reported a pre-tax profit of N32.2 billion in its first quarter 2025 financial statements, reflecting a 39.81% increase from N23.03 billion posted in the same period in 2024.
This impressive growth was driven by strong quarterly turnover, which stood at N58.1 billion from palm oil and rubber sales — a 33.64% increase from N43.4 billion in Q1 2023.
Local sales accounted for the majority of total revenue, contributing N50.7 billion or 87.3%, while export sales made up the remaining N7.3 billion.
Cost of sales rose to N15.4 billion, reflecting a 50.08% increase from the prior year.
- Nonetheless, the company recorded a gross profit of N42.6 billion, representing a 28.52% rise from N33.1 billion in Q1 2024.
Net operating expenses also saw an uptick, reaching N9.5 billion—a 15.12% increase compared to N8.3 billion the prior year. Despite the expense spike, operating profit climbed by 33.02% to N33.02 billion.
Also reported was a sharp decline in finance income, which dropped from N2.7 billion in Q1 2024 to N66.7 million, primarily due to a 97.59% fall in exchange gain to N65.5 billion. More favorably, finance costs decreased substantially to N886.7 million from N4.5 billion.
Key highlights:
- Turnover: N58.1 billion, +33.64% YoY
- Cost of sales: N15.4 billion, +50.08% YoY
- Gross profit: N42.6 billion, +28.52% YoY
- Net operating expenses: N9.5 billion, +15.12% YoY
- Operating profit: N33.02 billion, +33.02% YoY
- Finance income: N66.7 million, -97.55% YoY
- Pre-tax: N32.2 billion, +39.81% YoY
As of close of trading on April 30, 2025, shares of the company were priced at N524.70, with a year-to-date performance of 18.1%. In 2024, the company reported a year-to-date performance of 70.77% on the Nigerian stock market.
