Okomu Oil Palm Company Plc reports a 2024 net profit of N39.9 billion, higher than its 2023 net profit of N20.6 billion.

This information was revealed by Mr. Gbenga Oyebode, Chairman of the Board of Directors of Okomu Oil Palm firm, during the firm’s 45th Annual General Meeting (AGM) on Thursday in Abuja.

In his presentation of the company’s 2024 annual report, he stated that despite the difficulties encountered throughout the year, which included, among other things, an 80% increase in expenses, the business managed to overcome these obstacles.

“The company’s net profit for 2024 on continuing operations increased by approximately 94 per cent, reaching N39.9 billion compared to N20.6 billion in 2023.

A sustained rise in the prices of our products mainly fueled this exceptional performance. Crude Palm Oil (CPO) prices experienced approximately a 35 per cent year-on-year increase. This was coupled with a 194 per cent rise in rubber prices.

Speaking on the operational and economic environment for the year, he said geographical tensions and economic pressure dominated the global landscape in 2024.

“In Nigeria, the operating environment was exceptionally challenging and demanding, mainly due to several macroeconomic policies and market reforms implemented by the Federal Government in 2023.

He added that the company was not immune to the severity of these pressures, as seen in the nearly 80 per cent increase in costs year-on-year.

Regarding operational results, Oyebode reported a total oil palm plantation area of 19,071 hectares for the year, with a mature area of 18,349 hectares.

The company’s managing director, Dr. Graham Hefer, ascribed the high price of palm oil to the overhead of running a business.

Hefer clarified that the company worked in a setting where access to foreign exchange was challenging and inflation was considerable.

Source: NAN

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