Okomu Oil Palm Plc has announced a remarkable 58% increase in pre-tax profit for the 2024 financial year, reaching N52.05 billion, according to its recently published unaudited financial report. This significant growth in profitability was driven by a substantial surge in revenue, which rose by 73.44% to N130.06 billion, compared to N75.10 billion in the previous year.
Key Highlights:
- 58% increase in pre-tax profit to N52.05 billion for 2024
- 73.44% surge in revenue to N130.06 billion, driven by increased local sales
- Local sales of crude palm oil and rubber accounted for over 82% of total revenue
- Heightened market demand led to a significant increase in local sales, reaching N107.54 billion
The company's impressive revenue growth was primarily attributed to the increased local sales of crude palm oil and rubber, which accounted for over 82% of total revenue. The heightened market demand for these products led to a significant increase in local sales, rising to N107.54 billion, up from N67.04 billion in 2023.
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