Okomu Oil Eyes N9.4million In Turnover For Next Three Months

Palm Oil company, Okomu Oil, has forecasted that its turnover for the First Quarter (Q1) of 2021 will hit NGN9.4 billion, according to a statement obtained by AllNews. The company estimated its cost of sales will be NGN5.5 billion in Q1 next year.

The forecast statements further disclosed that Profit Before Tax will be NGN3.8 billion for the same period which is from January to March. Okomu Oil estimated it will pay tax worth NGN905.7 million during the first quarter of 2021.

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Also, Profit After Tax is estimated to hit NGN2.9 billion in the first three months of next year.

Okomu Oil Revenue Fall By 27%, As Profit Slumps In Three Months

Okomu Oil reported a 27% drop in its third quarter revenue for 2020, the company's financial statment showed. Okomu Oil's revenue in Q3 this year was NGN5.09 billion, lower than the NGN6.97 billion the company generated the corresponding period of 2019 Q3.

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It was further gathered that gross profit for the period under review followed the same path, as Okomu Oil reported NGN4.01 billion as gross profit in the third quarter of 2020, falling by -37.7% when compared to the NGN6.45 billion of the corresponding period in 2019.

The loss in revenue occured as the cost of sales for Okomu Oil rose more than half of the corresponding quarter of 2019. The company reported its cost of sales rose to NGN1.07 billion in Q3 2020, rising beyond the NGN523.4 million reported in the same period of 2019.