Nigeria’s top oil palm production firm, Okomu Oil Palm, has revealed its financial results for FY 2023, reporting a pre-tax profit of N32.9 billion, up 43.4% from N22.9 billion in Financial Year 2022.
The Times reported that the corporation, situated in Edo State, reported a revenue of N75 billion in 2023, a 26.6% increase from N59.2 billion in 2022. The company’s turnover in Q4 2023 was N14.3 billion, up 58.2% year on year from N9.07 billion in Q4 2022.
The federal government established the Okomu Oil Palm Company in the Okomu Forest Reserve in 1976.
The company was officially listed on the Nigerian Stock Exchange in 1990. Socfinaf South Africa, based in Luxembourg, is currently the majority shareholder in Okomu Oil Palm Company, holding 62.95%.
The Edo State Ministry of Finance Incorporated owns a 1.23% stake in the company.
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%)
