Okomu oil declares 60% increase in revenue to N37.46bn in 2021 Financial Year (FY)
Okomu oil Plc, an agro-allied company, on Thursday released its 2021 FY Unaudited Financial Statement showing stellar performance in top and bottom income line items. The financial result revealed a 60 per cent growth in revenue from N23.41 billion in 2020 to N37.46 billion in the current period.
However, in Q4 2021, the company reported a 33.82 per cent growth in revenue of N4.79 billion from N6.41 billion in the corresponding period of 2020, while net profit in the same quarter, stood at N2.45 billion.
The company which specializes in the cultivation of oil palm and in the extraction, refining, and processing of fresh fruit bunches into crude palm oil for resale, amongst others, solely generates revenue from the sale of its products.
A cursory look at the notes to account revealed that the company trades its products locally and via exports as well.
Local sales during the period, raked in N31.89 billion, representing 85 per cent of the total revenue generated in 2021, while export sales stood at N5.56 billion, representing about 15 per cent of total revenue.
The company recorded its highest revenue in the first quarter of 2021, owing to inflationary pressures in the first quarter, where inflation reached its peak for the year.
Operating Expenses increased by 42.55 per cent which suggests that the company spent more on its normal busiñess operations.
Taxation for the period stood at approximately N2.24 billion appreciating by over 100 per cent, as contained in the financial statement, thereby subduing the net profit.
In 2021 FY, net profit appreciated by 80.50 per cent from N7.78 billion to N14.04 billion.
The company’s total net assets increased by N7.56 billion from N34.78 billion recorded as at December 2020 to N42.34 billion in the period under review.
Okomu Oil Plc last traded at N142.00 per share and its market capitalization stands at N135.46 billion as at Thursday, February 3, 2022. Year-to-date performance shows that the share price of the company has remained unchanged.
