Okomu Oil Palm Company has notified the Nigerian Stock Exchange (NSE), and the investing public that it has intensified steps to improve collaborative arrangement with the Edo State Government in the Agricultural Industry. This, the company said will be made possible through partnership with local communities and indigeneous farmers to boost job creation and enhance modern agricultural techniques for increased production.
According to a filing obtained from the NSE website yesterday, the company said it would work with all relevant bodies in training and supporting aspiring youths in positive and productive direction in line with the spirit of the Edo State Investment Promotion Office (ESIPO).
It further said the company’s involvement in the development of Roundtable on Sustainable Palm Oil (RSPO) is geared towards establishing a sustainable oil palm growth and practice. The oil palm company which had released its first quarter 2019 result showed significant contraction in profit after tax (PAT) by 71 per cent YoY to N1 billion, translating to an Earnings per share (EPS) of N1.06. Despite weaker volumes over the period, cost of sales rose 27.9 per cent YoY to N838 million, with gross margin contracting to 80.1 from 91.1 per cent in the prior year. This may be attributed to higher fertilizer cost from Central Bank of Nigeria (CBN)’s ban on importation of fertilizer.