July 31 (Lagos) - The Okolu Oil Palm Plc (OKOMUOIL), Nigeria's biggest crude palm oil producer reported unaudited financial results for the first half of 2012. Top line revenue increased by 6% to N 6.09 billion in the first six months of 2012 up from N 5.72 billion earned during the same period of 2011.
Profit after tax declined 13% to N 2.45 billion in H1 2012 from N 2.88 billion during the same period of 2011.
OKOMUOIL is based in Benin City in Edo State. The shares of the company are among the best performing shares listed on the Nigerian Stock Exchange this year. Today the shares fell by 4.4% to N 30 per share as a result of these disappointing results.
However things could turn around in the second year as the palm oil produced at OKOMUOIL is always in high demand from the food manufacuting companies accross Nigeria. A lift on the ban in importation of palm oil in Nigeria could be blamed for increased supply. OKOMUOIL is still the biggest player in palm oil business in Nigeria.
reporting for easykobo.com on Tuesday, July 31 2012 from Lagos, Nigeria