Okomu Oil Palm Revenue Drops By 34.9% In Q3 2024

Okomu Oil Palm Plc’s projections for the third quarter of 2024 would see a 34.9% decrease in revenue when compared to the same quarter in 2023.

The business informed the NGX of this in a statement including its earnings prediction for the third quarter of 2024, estimating that turnover would total N13.047 billion during that time. The business made N4.7 billion in profit after taxes and N20.047 billion in revenue in the third quarter of 2023.

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In its forecast for the three months under review, the company projected profit after tax to decline by 77.6% to N1.057 billion from the figure reported in the corresponding quarter.

More surprising is that the company expected cost of sales including admin expenses in Q3 2024 is higher than what was recorded in Q3 2023 despite an anticipated decline in turnover.

The forecast for profit and loss for the company are as follows;

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Turnover- N13.04 billion

Cost of Sales- 11.99 billion

Profit Before Taxation- N1.05 billion

Profit After Taxation- N1.057 billion

In the first quarter of 2024, the company- Okomu Oil Palm recorded a turnover of N43.48 billion with profit after tax of N15.08 billion. When compared with the anticipated revenue in Q3, it marks a projected decline of 93.03% in PAT between Q1 and Q3.