Okomu Commended on 300 Per Cent Profit
President Olusegun Obasanjo has commended The Okomu Oil Palm Company Plc on the Company's consistent growth and profitability against the background of the failure of most agricultural businesses in Nigeria. The President gave the commendation when he received in audience a delegation of the Board of Directors of the Company led by its Chairman, Mr. Gbenga Oyebode, MFR, at the Presidential Villa, Abuja, this week.
President Obasanjo disclosed that he had continued to follow closely the performance of The Okomu Oil Palm Company plc, adding that he was impressed by the fact that the Company was not only expanding and diversifying in its agriproduce business, but that it was also showing favourable returns annually to its shareholders, as well as contributing to the socioeconomic development of the various communities in which it operates.
President Olusegun Obasanjo appealed to the delegation to explore the possibility of bailing out some of the nation's other ailing agribusinesses, particularly, those in the palm and rubber plantation sector.
The Okomu Oil Palm Company Plc has continued to post favourable returns since its inception, leading other agriproduce businesses listed on the Nigerian Stock Exchange. Shareholders of the company were very pleased to receive the Report of the Directors of the company at their Annual General Meeting held in Abuja after the Board's courtesy call on the President.
The Company's result for the year ended December 31, 2003 showed that turnover rose by 75 per cent from the N1.218 billion in 2002 year to N2.136 billion while Profit After Tax (PAT) rose by more than 300 per cent from N156,618,000 to N493,227,000.00.
Addressing shareholders at the annual general meeting, the company's Chairman, Mr. Gbenga Oyebode, MFR, disclosed that "the palm plantation performed well in the year 2003. At the end of the year, the mature area rose to 7.073 hectares. Although rainfall was 27 per cent below average in the year 2003, fruit yields were still maintained at better production levels than they were in 2002."
Mr. Oyebode further disclosed that "the tapping of rubber in Extension I was better in the last quarter of the year and the total production for the year was 789 metric tonnes. Our sales agreement enabled us to derive full benefit from the steady increase in the world price throughout the year. As at December 2003, the price was N65.00 per kilogramme."
The Company has declared a dividend payrnent of N317,970,000.000 representing 100 kobo for every one ordinary share held.
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