Okomu Oil Reports N34 Billion Profit in Q1 2026

Okomu Oil Palm Company announced its unaudited Q1 2026 results, revealing a pretax profit of N34.09 billion, a 5.88% increase from N32.2 billion in Q1 2025. The company's revenue for the quarter was N58.9 billion, slightly above N58.1 billion from the previous year, primarily driven by strong local demand for oil palm and rubber.

The sales cost decreased to N11.6 billion from N15.4 billion, enhancing overall cost efficiency and contributing to a gross profit rise to N47.2 billion, a 10.9% increase from N42.6 billion in the corresponding period last year. However, net operating expenses rose by 22.83% to N11.7 billion, impacting operational profit, which stood at N35.4 billion compared to N33.02 billion previously.

The company's earnings per share increased to N24.74 from N22.79. As of the reporting date, total current assets were N80.4 billion, with total equity rising to N72.4 billion, reflecting a 48.35% year-on-year increase.