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Okomu Oil profit dips by 95.25%

01 April 2014, 12:29

Lagos - Okomu Oil Palm  has announced drop in all the performance indicators of the company for the year ended December 31, 2013.

The company's profit after tax dipped to N425.09 million against the N8.95 billion posted in 2012.

The result was contained in the company's audited result released by the Nigerian Stock Exchange (NSE) on Monday in Lagos.

The profit represented a decrease of 95.25 per cent over the figure in 2012.

The profit before tax also declined by 38.17 per cent to N2.69 billion from N4.35 billion achieved in the corresponding period of 2012.

The company’s gross profit stood at N4.99 billion in contrast to the N6.31 billion achieved in 2012, a decrease of 20.92 per cent.

The company's turnover stood at N8.86 billion against N10.15 billion achieved in 2012, representing a decrease of 12.71 per cent.

The company did not reward shareholders with dividends due to “unimpressive 2013 result”.


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