Okomu Oil Palm Plc, has announced its unaudited fourth quarter financial results for the period ended December 31, 2024, showing a significant improvement in earnings.
The company’s standalone EPS rose to N6.22, up from N0.26 in fourth quarter 2023, bringing the 2024 financial year Earnings Per Share to N35.93.
The company’s revenue grew by 82.1% year-on-year, driven by solid growth in local and export sales. The revenue growth was attributed to the impact of naira depreciation on local CPO prices and the surge in global CPO prices.
Okomu Oil Palm Plc’s gross margin increased to 62.3%, while EBITDA and EBIT margins expanded to 43.9% and 37.0%, respectively. The company’s net finance income rose to N1.72 billion, driven by a significant increase in exchange gain.
Profit before tax increased by 213.1% year-on-year to N11.37 billion, while profit after tax came in at N5.93 billion.