Okomu Oil Plc records 27.01% decline in 2020 Q3 revenues

Okomu Oil Plc reported revenues of N5.09 billion in 2020 Q3 compared to N6.98 billion in the corresponding period of 2019.  

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Key highlights for 2020 Q3  

• Revenues declined to N5.09 billion, -27.01% YoY. 
• Revenues from local sales declined to N4.23 billion, -28.99% YoY. 
• Revenues from export sales declined to N866.43 million, -15.48% YoY.  
• Finance income declined to N5.28 million, -98.52% YoY. 
• Finance cost increased to N139.66 million, +22.58% YoY. 
• Cost of sales increased to N1.08 billion, +105.49% YoY. 
• Pre-tax profits declined to N1.31 billion, -59.75% YoY. 
• Earnings Per Share declined to N1.04, -37.35% YoY. 

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Bottom Line: Okomu Oil Plc recorded declined revenues from its two revenue-generating units. Okomu Oil Plc’s profits also declined in the third quarter due to declined finance income, as well, as the rising cost of sales and finance.