Okomu Oil Plc records 24.1% increase in 2020 FY revenue

Okomu Oil Plc has reported revenue of N23.41 billion in 2020 compared to the N18.87 billion recorded in the corresponding period of 2019.  

Key highlights for 2020 FY  

• Revenue increased to N23.41 billion, +24.08% YoY. 
• Revenue from local sales increased to N20.5 billion, +29.17% YoY. 
• Revenues from export sales declined to N2.91 billion, -2.89% YoY.  
• Finance income declined to N7.13 million, -97.96% YoY. 
• Finance cost also declined to N70.23 million, -62.92% YoY. 
• Cost of sales increased to N7.70 billion, +30.78% YoY. 
• Pre-tax profits increased to N8.45 billion, +12.35% YoY. 
• Earnings Per Share increased to N7.74, +46.31% YoY

Okomu Oil Plc recorded a significant increase in revenue generated from local sales, which translated to a 46.3% increase in profit after tax despite the increase recorded in the cost of sales and a decline in finance income.