Okomu Oil beats forecast as profit soars 459% to N34.841bn in Q2 2025 

Okomu Oil Plc has reported a pre-tax profit of N34.841 billion for the quarter ended 30 June 2025, marking a year-on-year growth of 459 per cent compared to N6.236 billion posted in the same period last year.

The company also surpassed its second-quarter profit projection by more than 238 per cent, propelling its pre-tax profit for the first half of the year to N67.053 billion.

The improved earnings were supported by strong revenue expansion. Second-quarter revenue rose to N71.7 billion, representing a 128 per cent year-on-year increase. Revenue growth outpaced the rise in cost of sales, with local sales driving over 92 per cent of total revenue.

On a year-to-date basis, revenue reached N129.834 billion, up 73 per cent, while the cost of sales climbed by 41 per cent to N42.9 billion. This lifted gross profit and strengthened margins, with gross profit for Q2 exceeding N44 billion and the margin improving to 62 per cent.

Finance costs recorded one of the most significant improvements, dropping sharply to N547 million from N2.9 billion in the same quarter of 2024. These costs, largely due to foreign exchange revaluation losses, had previously weighed on earnings but were substantially reduced this quarter, allowing a larger portion of revenue to translate into profit.

Total assets reached N159.911 billion as of June 2025, showing a 36.63 per cent rise over six months. Retained earnings increased to N76.693 billion, up from N53.957 billion in December 2024.

Shares of Okomu Oil closed at N930 on 23 July 2025, with a year-to-date gain of 109.46 per cent on the Nigerian stock market.