By Moses Ebosele, ebosele@hotmail.com —
For the 2022 First Quarter (Q1), Okomu Oil Palm Company Plc has projected N16.2B (N16,158, 477) turnover and profit after tax of N4.4b (N4,470, 477).
In its presentation of forecast to the Nigeria Exchange (NGX), Okomu Oil explained that cost of sales is projected at N8.8b (N8,802,044) while cash flow from operational activities is expected to at N2.6b (N2,611,209).
According to Okomu Oil, projected cash/Bank balance at the end of the period is N5.1b (N5,116,239).
City Business News reports that the forecast document was signed by Okomu Oil Palm Company Plc Managing Director, Dr Graham Hefer and Chief Accountant, Felix Odighizuwa.
City Business News reports that for the nine-month ended September 30, 2021, Okomu Oil Palm Company Plc declared N31.04 billion turnover, representing increase of 66.79 per cent when compared with N18.61 billion attained within same period in 2020.
According to the company’s interim financial statement approved by the Board on September 29 and published by the Nigerian Exchange (NGX) on Saturday, Septermber 30, 2021, profit before tax appreciated by 113.47 per cent to N14.81 billion against N6.81 billion achieved in the same period of 2020.
The company explained that the company’sgross profit also grew to N27.88 billion as against N16.46 billion in the comparative period of 2020.
