Okomu Oil. Photo: EJATLAS
Okomu Oil Palm Company Plc has posted profit after tax (PAT) of N7, 780,519 for the year ended December 31,2020. The figure is 40 per cent better than the N5, 049,637 tally of 2019.
On account of the impressive scorecard amid the CCOVID-19 pandemic, the board of directors has approved a N7 dividend for every 50k ordinary share payable from May 26,2021 to shareholders whose names appear on the register of members at the close of business on Thursday, May 13,2021.
According to the audited financial report, the firm’s equity and liabilities (assets) rose from N43, 595,792 in 2019 to N55, 011,848 during the year under review.
A further breakdown showed profit before tax (PBT) of N8, 845,550 and tax charge of N1, 065,031 for 2020 as against the N7, 523,187 PBT and N2, 473,550 taxation recorded the preceding the year.
Moreover, total revenue for the year increased significantly to N23.4 billion compared to the N18.9 billion achieved in 2019.
Addressing the company’s 41st yearly general meeting (AGM) yesterday in Lagos, the Chairman, Gbenga Oyebode, admitted that the novel coronavirus impacted businesses and the global economy adversely, but was happy that the organisation was able to pull through and still attain sound results.
He said crude palm oil (CPO) prices in the period witnessed a 22 per cent increase year on year (YoY), while rubber prices rose by nine per cent.
Oyebode observed that CPO production was almost eight per cent higher over what obtained the corresponding period of 2019, even as rubber output was one per cent higher.
The chairman said the N7 dividend payout outshone the N4 sanctioned for the previous year.
He clarified that the N23.4 billion total earnings in the year was 24 per cent superior to the 2019’s consolidated revenues.
Oyebode added that earnings before tax (EBT) was 18 per cent higher YoY, while taxes were 57 per cent YoY.
He relished that the organisation became the first in Edo State to be re-certified under the internationally recognised Roundtable on Sustainable Palm Oil (RSPO) scheme besides other successful federal and state re-certifications and environmental audits in the outgone year.
The chairman acknowledged that social impact assessments (SIAs) were completed on host communities and engagements improved upon during the period.
On expansion and development plans for 2021, Oyebode said as the effects of the virus on economic activities abate, the company hoped to complete and commission its first 30t/hour oil mill by July this year, while the second of same facility, fabricated in Malaysia, could be inaugurated in the first quarter of 2023.