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Published On: Sat, Oct 20th, 2018

Declined sales cost propels Okomu Oil profit up 13%

Okomu Oil has declared 13.28 per cent rise in its profit-after-tax (PAT) to N7.24 billion, on the back of sales cost that declined -7.1 per cent in the first nine months of 2018.

The agro company grew revenue marginally by 0.06 per cent, caused by marginal
improved returns on local sales to third parties which is 87.76 per cent of its earnings, but -46.8 per cent drop in its tax payment buoyed its bottom-line during this period.

The firm’s finance income decreased significantly due to the fact that interest on fixed deposits decrease by 24.32 per cent compare to Q3 2017.

Decline in sales cost helped upped profit margin  marginally to 86.20 per cent from 85.06 per cent in Q3 2017.
The company has a current ratio of 3.27 per cent, indicating that it has the capacity to meet its short
term obligations as they fall due.

Its debt-to-equity ratio increased to 0.18 per cent against 0.15 per cent in Q3 2017, pointing that that Okomu Oil had higher leverage during this period.

The company’s inventory rose 0.33 per cent to N2.7 billion as total assets went up to N36. 56 billion, representing 28.22 per cent increase.
While earning per share increased by 13.28 per cent to 759 kobo, return on equity declined to N0.25, compared to N0.26 in Q3 2017.

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