The cumulative exchange gain of Okomu Oil and Presco plc has almost tripled despite the weak Naira, BusinessDay analysis shows.
The exchange gain was primarily driven by Okomu Oil’s exchange gain which rose to N8.23 billion in the nine months of 2024 from N109.3 million in the same period of 2023. However, Presco’s exchange gain dropped to N3.29 billion from N3.89 billion.
Further analysis reveals that Okomu oil’s export sales surged to N15.95 billion from N5.46 billion while Presco recorded no export sales during the period reviewed.
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Total revenue for both firms increased to N232.5 billion from N137.5 billion while after-tax profit for both firms surged to N80.14 billion from N44.42 billion.
Okomu Oil
Okomu oil’s after-tax profit grew to N28.34 billion in the nine months of 2024 from N20.92 billion in the same period of 2023.
The firm’s revenue surged to N103.9 billion from N60.6 billion during the reviewed period. Exchange gain rose to N8.23 billion from N109.3 million.
Finance cost increased to N8.75 billion from N2.08 billion while finance income grew to N8.24 billion from N113.1 million.
Okomu Oil Palm Company Plc has declared an interim dividend of N2 to shareholders for the 9 months period ended, 30 September 2024.
The Qualification date for the proposed interim dividend of N2 is November 14, 2024. The of Shareholders will be closed on November 15, 2024.
On November 18, 2024, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at November 14, 2024 and who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.
Okomu Oil Palm Company Plc has declared an interim dividend of N2 to shareholders for the 9 months period ended, 30 September 2024.
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Earlier this year, the management of Okomu Oil Palm Plc raised concerns that its multi-billion-naira investment in Edo State is at risk due to repeated militant disruptions and attacks on its personnel.
Graham Hefer, the company’s managing director, highlighted this issue during an interview with the News Agency of Nigeria at Okomu, located in the Ovia South West Local Government Area.
Okomu Oil Palm Company Plc is a Nigeria-based company that is involved in oil palm plantations, palm kernel processing, and rubber plantations. It produces crude palm oil, palm kernel, palm kernel oil, and palm kernel cake.
Presco
Presco’s after-tax profit grew to N51.8 billion in the nine months of 2024 from N23.5 billion in the same period of 2023.
The firm’s revenue grew to N128.6 billion from N76.9 billion during the reviewed period. Exchange gain declined to N3.29 billion from N3.89 billion in the comparable period.
Finance cost grew to N8.44 billion from N6.07 billion while finance income grew to N575.1 million from N29.6 billion.
Presco switched ownership from long-time investor Siat N.V, based in Brussels, Belgium, which had held on to the company’s majority control for well over three decades until the start of this month.
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Fimave N.V., holder of 86.7 per cent of the total issued shares of Siat, which owned a 60 per cent interest in Presco, consummated a deal shifting that stake to Oak and Saffron Limited, the oil palm processor said in a regulatory note.
Presco is a fully-integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining and fractionation plant. It also has an olein and stearin packaging plant and a biogas plant to treat its palm oil mill effluent. It is the first of its kind in West Africa.
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