Home Markets Equities Company Results Okomu Oil Palm Okomu Oil reports pre-tax profit of N52.05 billion in 2024, 58% increase as local sales soar Research Team by Research Team 2 days ago Okomu Oil Palm Plc has reported a pre-tax profit of N52.05 billion for the 2024 financial year, according to its recently published unaudited financial report. This represents a 58% increase from the N32.85 billion recorded in 2023. The significant profit growth was driven by a sharp rise in revenue, which surged by 73.44% to N130.06 billion, compared to N75.10 billion in the previous year. The company attributed this revenue expansion to increased local sales of crude palm oil and rubber, which accounted for over 82% of total revenue. Local sales rose to N107.54 billion, up from N67.04 billion in 2023, reflecting heightened market demand. Key Highlights (FY 2024 vs FY 2023) Revenue: N130.06 billion, up 73.44% YoY Cost of Sales: N48.48 billion, up 75.6% YoY Gross Profit: N81.57 billion, up 72% YoY Operating Expenses: N30.78 billion, up 78% YoY Operating Profit: N50.79 billion, up 69% YoY Net Finance income: N1.26 billion Pre-tax profit: N52.05 billion, up 58% YoY Taxation: 17.77 billion, up 52% YoY Profit After Tax: N34.28 billion, up 61.9% YoY Earnings Per Share: N35.93, up 61.9% YoY