Okomu Oil declares N26 final dividend for shareholders

Okomu Oil Palm Company Plc has announced a final dividend of ¦ 26.00 per ordinary share of 50 kobo, payable to shareholders whose names appear in the Register of Members as of the close of business on 24 April 2025.

The announcement was disclosed in a regulatory filing published on the Nigerian Exchange on 3 April 2025 and signed by the Company Secretary, Chukwuebuka Omerole.

This final dividend, covering the financial year ended 31 December 2024, remains subject to withholding tax and regulatory approval. Qualified shareholders can expect to receive their payments on 22 May 2025.

Additionally, the company stressed the importance of completing e-dividend registration, noting that all payments would be made via electronic transfer to shareholders’ designated bank accounts.

Okomu Oil posted a pre-tax profit of ¦ 53.5 billion for the year ended 31 December 2024, reflecting a 58.27 per cent increase from the ¦ 33.8 billion recorded in the previous year.

The company’s retained earnings also saw a notable rise, climbing to ¦ 53.9 billion from ¦ 36.8 billion in the prior year. Meanwhile, revenue surged by 73.36 per cent year-over-year, reaching a total of ¦ 130.2 billion.

The bulk of this revenue came from palm oil production, which generated ¦ 107.5 billion, while rubber sales contributed ¦ 22.5 billion, and palm oil processing added ¦ 149.6 million.

Commenting on the company’s performance, Chairman, Mr. Gbenga Oyebode, credited the impressive growth to sustained increases in product prices.

“This outstanding performance was largely driven by the continued rise in the prices of our key products,” he noted. “The price of crude palm oil rose by approximately 35 per cent year-on-year, while rubber prices experienced a remarkable 194 per cent increase.”

He also acknowledged the unwavering support of shareholders, adding:

“As a token of appreciation for their confidence in the company, the Board of Directors approved an interim dividend of ¦ 10.00 per share for the 2024 financial year. In addition, the Board has proposed a final dividend of ¦ 26.00 per share, bringing the total dividend for 2024 to ¦ 36.00 per share.”