Okomu Oil Palm Company Plc recorded a 132 per cent growth in bottom-line for the period from January through September, the earnings report of the palm oil producer obtained from the Nigerian Exchange on Monday showed.
The posted record turnover in excess of N31 billion as sales enlarged 66.7 per cent, with exports to outside its base Nigeria contributing N4.2 billion.
Majority-owned by Luxembourg-based Socfinal group with 62.7 per cent, Okomu Oil manufactures palm oil, rubber cup clumps, palm kernel oil and palm kernel cake.
The company cut the costs it incurs on servicing loans by 75.3 per cent to N111.1 million and grew its finance income from N10.8 million to N54.1 million.
Pre-tax profit advanced to N14.8 billion, a 117 per cent increase over what it posted for the same period last year.
Earnings Per Share rose to N12.16 from N5.24, reflecting a 132 per cent expansion.
A demand surge in the palm oil market is pushing Okomu Oil, which owns twenty thousand hectares of cultivated palm to enter a synergy with smallholder farmers, who control 80 per cent of production in Nigeria, to narrow the gap.
“We are … very interested and involved with the smallholder farmers to try and increase their production, and also to assist them by being a company that will guarantee uptake of their product,” CEO Graham Hefer told CNN this year.
Shares in Okomu Oil closed trading in Lagos on Monday at N135 per unit, recording no movement.
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