MARKET DEVELOPMENT
Okomu Oil Palm Records N8.86b Turnover
Okomu Oil Palm Records N8.86b Turnover
13/06/2014 (The Guardian Nigeria) - Okomu Oil Palm Company Plc recorded N8.86 billion turnover last year, against the N10.15 billion it realized in year 2012.
This 13 per cent drop in performance was largely due to lower than average commodity prices.
The company also declared a dividend of N1 per 50k share amounting to N953.01million even as it has gone ahead to acquire about 11,400 new hectres of land in Edo State for further expansion.
The Chairman of the company, Gbenga Oyebode, gave the details yesterday in Abuja, while reading his statement at the company’s 2013 yearly general meeting.
Oyebode said: ‘’The company’s net profit for 2013 on continuing operations stood at N2,09 billion, being a 42 per cent lower than that of 2012’’.
He stated that notwithstanding the drop in the company’s commodity prices, it continues to be managed exceptionally well, especially under the trying times to generate profits and returns albeit lower to her shareholders.
Speaking on the company’s prospects, the Chairman noted, ‘’The company purchased 11,400 hectres of land in Ovia Local Government Area of Edo State and intends to plants at least 10,000 ha of Oil Palm on the land within three years, thereafter, a new 60t/hr Oil Mill will be erected on this site to process the FFB produced, the total cost of this development to the company over the next four years will be in the region of N8 billion’’.
He assured that the company will also clear and plant 100ha of Rubber on the main plantation in 2014
On the company’s corporate social responsibility envelop, the Chairman explained that it also made charitable donations and gifts worth nearly N282.5 million in 2912 while it made provisions for N55.9 million available for its ongoing CSR in 2013
Also commenting on the staff welfare, he sated:’’ It has so far invested in skills development for the staff in the current financial year as more than 500 of them were trained costing the company a total of N13.1 million in 2012 and another N20.9 million’’ respectively.
This 13 per cent drop in performance was largely due to lower than average commodity prices.
The company also declared a dividend of N1 per 50k share amounting to N953.01million even as it has gone ahead to acquire about 11,400 new hectres of land in Edo State for further expansion.
The Chairman of the company, Gbenga Oyebode, gave the details yesterday in Abuja, while reading his statement at the company’s 2013 yearly general meeting.
Oyebode said: ‘’The company’s net profit for 2013 on continuing operations stood at N2,09 billion, being a 42 per cent lower than that of 2012’’.
He stated that notwithstanding the drop in the company’s commodity prices, it continues to be managed exceptionally well, especially under the trying times to generate profits and returns albeit lower to her shareholders.
Speaking on the company’s prospects, the Chairman noted, ‘’The company purchased 11,400 hectres of land in Ovia Local Government Area of Edo State and intends to plants at least 10,000 ha of Oil Palm on the land within three years, thereafter, a new 60t/hr Oil Mill will be erected on this site to process the FFB produced, the total cost of this development to the company over the next four years will be in the region of N8 billion’’.
He assured that the company will also clear and plant 100ha of Rubber on the main plantation in 2014
On the company’s corporate social responsibility envelop, the Chairman explained that it also made charitable donations and gifts worth nearly N282.5 million in 2912 while it made provisions for N55.9 million available for its ongoing CSR in 2013
Also commenting on the staff welfare, he sated:’’ It has so far invested in skills development for the staff in the current financial year as more than 500 of them were trained costing the company a total of N13.1 million in 2012 and another N20.9 million’’ respectively.