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Okomu Oil records N75 billion gross earnings

by Business News Report

Okomu Oil Palm Company Plc said it recorded gross earnings of N75.2 billion in 2023, which is in line with its strategic objectives and excellence. The company’s chairman, Gbenga Oyebode, said this during the 44th annual general meeting held on Thursday in Abuja. Mr Oyebode said that despite the harsh operating and economic environment in the year under review, the company recorded some major strides. “This marks a commendable 27 per cent increase over the previous year. Earnings before tax (EBT) witnessed a substantial increase of 44 per cent year-on-year, underscoring our unwavering commitment to value creation and financial prudence,” he said.

According to Mr Oyebode, the company’s total income was N20 billion in 2023, a 27 per cent increase over the previous year. “This remarkable performance is primarily driven by inflationary-based increases in the prices of our core products. Crude Palm Oil (CPO) prices experienced a notable 22 per cent year-on-year increase, coupled with a 28 per cent rise in rubber prices. Notwithstanding the challenges in production volume due to the El Nino climatic phenomenon, our consolidated turnover surged by 27 per cent. It underscores the resilience and adaptability of our business model in the face of adversity,” he said. Mr Oyebode said the board of directors had proposed payment of a final dividend of N14 for every ordinary share of 50 kobo each for approval.

“This final dividend, if approved, in addition to the paid-out interim dividend of 44.50 kobo amounts to a total dividend of 18.50 kobo for every ordinary share of 50 kobo each. If approved, the final dividend will be paid on May 23 to shareholders whose names appeared in the company’s register of members at the close of business on the qualification date,” he said. Mr Oyebode commended the shareholders, regulators, and management team for their commitment and expressed optimism for a better 2024. (NAN)

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