26 July 2018 ( Lagos ) : Okomu Oil Palm Company Plc released its H1’2018 results yesterday, for the half year ending June 30, 2018, showing a profit after tax (PAT) of N 5.9 billion.
According to the scorecard, ( OKOMUOIL ) posted a turnover of N 12.9 billion in 2018, which is a marginal increase of 3.7% from from N 12.5 billion in the corresponding period of 2017. The increase in their turnover is mainly from the export sales which saw an increase of 12.8%, as compared to their local sales, which only increased by 2.67%.
An analysis of the results indicated that cost of sales increased by a whooping 40% from N 1.3 billion in 2017 to N 1.8 billion in 2018. While the CoS for Oil palm increased by 38.3%; their rubber cost of sales skyrocketed by 52%. Due to the marginal increase in revenue and surge in Cost of sales, the Gross profit decreased by 0.4% and stood at N 11.14 billion, compared with N 11.18 billion in 2017. Their operating expense also increased by 28.14%, which obviously did not help matters.
Their finance cost dramatically reduced by 30 %, mainly due to saving in exchange losses and Interest on long term loans. Simultaneously their finance income also marginally increased by 5. 8 %, due to exchange gains.. Consequently, their profit before tax declined by 11% from N 7.8 bn to N 6.9 billion, while PAT dipped by 4% to N 5.9 billion in 2018, from N 6.2 billion in 2017. The decrease in decline from PBT to PAT is due to decrease in their taxation by 36.4%.
Reporting for EasyKobo on Thursday, 26 July 2018 in Lagos, Nigeria
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