The Okomu Oil Palm Company Plc. declared 18.50k dividends for its stockholders yesterday for the fiscal year ending December 31, 2023. The decision was made during the company’s annual general meeting, which was held at the Transcorp Hilton in Abuja.
The company reported a total turnover of N95 billion for the 12-month period, up 36% from the previous year’s N72,498,290. Profit after tax increased by 27.21% year on year to N20.65 billion in FY 2023, up from N16.23 billion in FY 2022. The earnings per share of Okomu are N21.64. At N243 per share, Okomu Oil’s P/E ratio is 11.23x, with an 8.91% earnings yield.
The shareholders also re-elected board members, elected one new director, Chief Osaru Ida, who represents the Edo state government, and re-elected three previous directors. Speaking at the AGM, Gbenga Oyebode, Chairman of the Company’s Board, stated that the N18.50k dividends issued by the company were the most ever recorded, indicating a lucrative and fruitful year ending.
“It demonstrates that our company is still doing well, increasing volumes, extending plantation area, and supporting the local communities in which it operates. This is the largest profit we’ve ever made and the highest dividend we’ve ever paid; it demonstrates our company’s stability, strength, and sustainability.
Okomu Oil Palm Company Plc.
“We re-elected members on the board and elected one new director representing the state government chief Osaru Ida and we re-elected three other directors who have been on the board prior to now.”
Source: vanguardngr.com
