Okomu Oil Plc has reported a pre-tax profit of N34.841 billion for the quarter ended June 30, 2025, representing an impressive 459% year-on-year (YoY) growth from the N6.236 billion recorded in the same period last year.
The company also exceeded its Q2 profit forecast by over 238%.
This performance pushed its pre-tax profit for the first half of the year to N67.053 billion.
The company’s improved performance continued to be driven by impressive top-line growth. In Q2 2025, revenue surged to N71.7 billion, representing a 128% year-on-year (YoY) increase.
Notably, revenue growth outpaced the increase in the cost of sales. Local sales were the major driver, accounting for over 92% of total revenue.
On a year-to-date basis, revenue reached N129.834 billion, reflecting a robust 73% increase, while cost of sales rose by 41% to N42.9 billion.
This outperformance boosted gross profit and margins. In Q2, gross profit stood at over N44 billion, with the gross profit margin improving to 62%.
One of the standout improvements came from finance costs, which were significantly reduced to N547 million from N2.9 billion in the same quarter of 2024.
- These costs—primarily due to foreign exchange revaluation losses—had previously weighed earnings but dropped sharply this quarter, allowing a greater share of revenue to flow through to profit.
On the balance sheet, total assets stood at N159.911 billion as of June 2025, reflecting a 36.63% increase over six months.
- Retained earnings rose further to N76.693 billion, up from N53.957 billion in December 2024.
Key highlights for quarter ended June (2025 vs 2024)
- Revenue: N71.724 billion, +127.51% YoY
- Cost of Sales: N27.411 billion, +36.02% YoY
- Gross Profit: N44.313 billion, +289.63% YoY
- Net operating expenses: N8.946 billion, +56.73% YoY
- Finance cost: N547 million, -81.34% YoY
- Post-tax profit: N25.799 billion, +404.38% YoY
- Total Assets: N159.911 billion, +36.63%
As of market close on July 23, 2025, shares of Okomu Oil were priced at N930 with a year-to-date performance of 109.46% on the Nigerian stock market.
