Okomu Oil Palm reports 44% profit growth in 2023

Date:

April 1, 2024.

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Azonuchechi Chukwu.

Okomu Oil Palm Company Plc has reported a pre-tax profit of N33.84 billion in FY 2023, representing a 44% growth from N23.52 billion in FY 2022.

According to the group’s audited financial statement for 2023, it recorded a revenue of N75.11 billion, representing a 27% growth from the N59.32 billion posted in 2022.

The company’s total assets increased in 2023 by 31.2% to N95.10 billion from the N72.50 billion posted in 2022. Even as the company’s shareholders fund increased by 14% to N38.87 billion from the N34.03 billion posted in 2022.

Revenue from contracts with customers: N75.11 billion, +27% YoY

Other income: N10.85 billion, +510% YoY

Raw materials and consumables used: N12.52 billion, +7% YoY

Other expenses: N15.69 billion, +43% YoY

Finance costs: N3.67 billion, +243% YoY

Finance income: N5.22 billion, +5% YoY

Profit before taxation: N33.84 billion, +44% YoY

Profit for the year: N20.65 billion, +27% YoY

Total equity: N38.87 billion, +14% YoY

Total assets: N95.10 billion, +31% YoY

Earnings per share: N21.64, +27% YoY

As of March 29, Okomu Oil closed with a share price of N243 on the NGX, representing a 6.54% year-to-date decline.  (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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