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Okomu Oil H1 pre-tax profit declines 12% to N59bn as revenue weakens, costs rise
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While local sales declined by 11.73 per cent, export sales rose 42.98 per cent to N7.90 billion, partially cushioning the overall revenue decline.
Oil palm production costs rose 1.66 per cent to N37.61 billion, while rubber production costs climbed 17.51 per cent to N6.95 billion.
The IssuesOkomu Oil’s latest results reflect the pressure facing agribusiness companies from weaker sales and rising production costs.
Pre-tax profit fell 12.03 per cent to N58.99 billion, while profit after tax dropped 16.42 per cent to N39.73 billion.
What’s NextInvestors will be watching whether Okomu Oil can improve sales volumes and manage production costs in the second half of the year.