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Okomu Oil Palm Company PLC has announced a robust 39.81% year-on-year increase in pre-tax profit for the first quarter of 2025, reaching N32.2 billion, up from N23.03 billion in the same period last year. The profit growth was primarily driven by a surge in turnover from its palm oil and rubber segments.
Total revenue for the quarter climbed to N58.1 billion — a 33.64% jump from N43.4 billion in Q1 2024. Local sales contributed a significant N50.7 billion, accounting for 87.3% of total revenue, while export sales stood at N7.3 billion.
Despite a 50.08% rise in cost of sales to N15.4 billion, gross profit increased by 28.52% to N42.6 billion from N33.1 billion a year earlier. The company also recorded a 15.12% increase in net operating expenses, which rose to N9.5 billion.
Nonetheless, operating profit climbed to N33.02 billion, representing a 33.02% improvement compared to Q1 2024.
Finance income took a significant hit, falling to N66.7 million from N2.7 billion — a 97.55% drop — largely due to a steep decline in exchange gains. However, this was partly offset by a notable reduction in finance costs, which fell to N886.7 million from N4.5 billion.
Key Financial Highlights include – Turnover: N58.1 billion (+33.64% YoY); Cost of Sales: N15.4 billion (+50.08% YoY); Gross Profit: N42.6 billion (+28.52% YoY); Net Operating Expenses: N9.5 billion (+15.12% YoY); Operating Profit: N33.02 billion (+33.02% YoY); Finance Income: N66.7 million (−97.55% YoY); and Pre-tax Profit: N32.2 billion (+39.81% YoY).
As of the market close on April 30, 2025, Okomu Oil shares were priced at N524.70, delivering a year-to-date return of 18.1%. This comes on the back of a stellar 70.77% return in 2024.
