Since the start of year 2021, Okomu Oil Palm Plc has ridden on price rally to drive strong financial performance. The company’s revenue grew strongly in the first three quarters of year 2021 (79.73%, 69.26% and 45.66% year-on-year respectively). In Q4:2021 standalone, the firm recorded a 32.52%YoY increase in revenue to NGN6.35bn. This performance overshot the firm’s Q4:2021 forecast of NGN5.23bn by 22.49%. Cummulatively, revenue for 2021FY stood at NGN37.39bn (vs NGN23.41bn in 2020FY). On a product basis, Crude Palm Oil (CPO) sales grew by 55.25%YoY to NGN31.83bn. Earlier in the year, the firm attributed this growth to an increase in its CPO prices (+58.03%YoY to NGN610,000 per ton in H1:2021). The increase in local CPO prices was a direct consequence of the global price uptrend for CPO, largely resulting from the global supply constraints in key producing regions. The company also recorded significant growth in its rubber sales (representing 14.88% of total revenue). In 2021FY, rubber prices soared; reaching a 7-year high on account of heightened demand as chips (a key rubber derivative) become more heavily embedded in technological products. As a result, revenue from rubber segment soared by 91.30%YoY to NGN5.56bn in 2021FY.
You May Also Like
Monthly Market Review and Preview – August 2022
- September 7, 2022
Kindly find attached the report Monthly Market Review and Preview – August 2022
Weekly Corporate Benefit Trigger for 23rd August, 2021
- August 23, 2021
Dear All, Kindly find attached our Weekly Corporate Benefit Trigger Report. CORPORATE BENEFIT TRIGGER – 23rd August 2021
Earnings Update – DANGCEM 2021FY Staying on the Path of Growth
- April 8, 2022
Nothing takes us by surprise in the just released 2021FY financial scorecard of Dangote Cement Plc. Revenue performance…
GLAXOSMITH exits Nigeria
- August 8, 2023
Kindly find attached. GLAXOSMITH exits Nigeria
Week in View – January 29th, 2021
- January 30, 2021
Following last week’s bearish outing, the Nigerian equities market closed on a positive note this week as the…
Weekly Stock Recommendation Report for August 23rd, 2021
- August 23, 2021
Dear All, Kindly find attached our Weekly Stock Recommendation Report. Weekly Stock Recommendation – August 23rd 2021