Okomu Oil Palm Plc has reported a pre-tax profit of N23.033 billion for the Q1 ended March 31, 2024, representing a 54.77% year-on-year (YoY) increase.
The strong profitability can be credited to substantial growth in revenue. According to the company’s 2024 Q1 financial statements, Okomu reported an impressive revenue of N43.483 billion, reflecting a 79.62% increase from the N24.208 billion reported the year prior.
Local sales continue to dominate Okomu Oil Palm Plc’s revenue stream, comprising over 90% of its total revenue. This suggests a strong presence and demand within the local market.
Key highlights (Q1 2024 vs Q1 2023)
The substantial surge in revenue, amounting to almost 80%, highlights Okomu Oil Palm Plc’s impressive performance. This robust growth suggests heightened demand for its products.
Okomu Oil Palm Plc is a prominent player in the Agric/Crop Production sector, maintaining a solid track record of delivering returns to its shareholders through dividends and share price appreciation.
However, this year has seen a decline in its share price, with a 10.6% year-to-date (YtD) decline.