BENIN CITY- OKOMU OIL PALM COMPANY, PLC has declared an operating performance for the year ended, 2017 of N20.2 billion turn over against the backdrop of numerous challenges to the business environment such as contractionary monetary policy,high levels of inflation and unemployment.
Speaking at its 38th Annual General Meeting (AGM) held here on Tuesday, Chairman of the Board of Directors, Mr. Gbenga Oyebode said that the figure amounts to increase of 40 per cent over that of 2016 turn over, adding that direct cost of sales were 36 per cent higher than 2016 at N4.9 billion generally in line with inlation and the naira devaluation.
“In 2017, the Company also paid more than N2billion in taxes to Federal agencies up from N948 million paid in 2016. This translated into a total comprehensive income for 2017 of N8.9 billion, this being 78 per cent better than 4.9 billion total comprehensive income for 2016.’’, Oyebode noted.
Following excellent results delivered, he announced a dividend payment of N 3.00 k per ordinary share or a total dividend of nearly N2.8 billion as recommended for approval by the Board of Directors.
Besides, he disclosed that as at the end of 2017, the total palm oil area was 17,244 hectares, of which 7,, 371 hectares were immature and new plantings while production of crude palm oil was 2 per cent was higher than the 2016 production with oil extraction rates averaging approximately 22 per cent.
On rubber, the chairman stated that dry rubber production witnessed a 10 per cent increase from last year and that the average yield of dry rubber was also 10 per cent higher than in 2016 with an increase in total rubber turn over of 45 per cent and a net profit of N564 million compared to N354 million in 2016.
