Okomu Oil PLC said its net profit for the third quarter of the year rose by 166% to NGN933 million.
Net profit for the company in its last year’s result was NGN350 million.
Okomu Oil is benefitting from increased local demand for its palm oil and allied products after Nigeria’s Naira was devalued thereby causing the worst Forex drought in many years.
Gross revenue for the group rose to NGN10,9 billion versus NGN7,7 billion in the previous year. The company pretty much has its cost of sales under control as its cost of sales for the quarter was just about the same amount spent last year- NGN1.2 billion.
Corporate Information
The Okomu Oil Palm Company Plc engages in the development and management of oil palm and rubber plantations, as well as processing of palm oil, kernel, and rubber in Nigeria.
It offers palm oil, palm kernel oil, palm kernel cake, banga and rubber cup lumps, and rubber slabs. The company sells its products directly to individual customers and industrial users. The Okomu Oil Palm Company was incorporated in 1973 and is based in Benin City, Nigeria.
