Okomu Oil Palm Company experienced a revenue increase of 73%, with profits rising by 62% in 2024 compared to the prior year

Key Takeaways:

  • Okomu Oil Palm Company's revenue expanded by 1,236%, from ₦9.74 billion in 2015 to ₦130.06 billion in 2024.
  • Profit after tax saw a substantial increase of 1,189%, from ₦2.66 billion in 2015 to ₦34.27 billion in 2024.
  • The most significant profit growth took place between 2021 and 2024, with profit almost tripling during this timeframe.
  • Although there have been some variations in profit margins, the company has consistently realised growth annually.
  • The figures for revenue and profit reached their peak in 2024.
  • The disparity between revenue and profit after tax in 2024 is significantly greater than in earlier years.

Okomu Oil Palm Company Plc has undergone an extraordinary evolution in its financial performance over the years. Starting in 2015, the company recorded a revenue of ₦9.74 billion along with a profit after tax of ₦2.66 billion.

In 2016, Okomu experienced substantial growth, with revenue climbing to ₦14.36 billion and profit increasing to ₦4.91 billion. This trend continued in 2017, with both revenue and profit further rising to ₦20.26 billion and ₦9.31 billion, respectively.

However, in 2018, while revenue remained steady at ₦20.26 billion, profit saw a slight decline to ₦8.50 billion. Profit fell further in 2019 to ₦5.05 billion, accompanied by a decrease in revenue to ₦18.87 billion.

The year 2020 marked a recovery in performance, with revenue rising to ₦23.41 billion and profit increasing to ₦7.78 billion, despite global economic difficulties.

In 2021, the company achieved remarkable growth, with revenue increasing to ₦37.39 billion and profit to ₦11.54 billion. This momentum continued into 2022 through 2024, culminating in revenue of ₦130.06 billion and profit of ₦34.27 billion in 2024.

Source:

Okomu Oil Palm Company Plc, NGX

Period:

2015-2024
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