Okomu Oil Palm Company Plc. announces AGM and dividend payment of N2.00 per share

Okomu Oil Palm Company Plc announced today that its Board of Directors will be meeting on Thursday, May 28, 2020 to take decisions on the company’s audited financial statements for the period that ended December 31, 2019, and other pressing matters.

The company has proposed a final dividend of N2 per 50 kobo share, subject to shareholders’ approval and proper withholding tax. Dividends will only be paid to shareholders whose names appear in the Register of Members as at the close of business on May 29, 2020.

Closure of register: Note that Okomu Oil Palm Company Plc’s register of shareholders will be closed from Tuesday, May 19 to Friday, May 22, 2020, for the purpose of dividend payments.

Dividend qualification date is Monday, May 18, 2020.

Date of payment: On Friday May 29, 2020, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at May 18, 2020, and who have completed e-dividend registration. Shareholders should also ensure to mandate the Registrars to pay their dividends directly into their bank accounts.

Okomu Oil Palm Company Plc Q1 2020 results

The company recorded a growth in revenue of 65.2% in Q1 2020 as it’s turnover of rose from ₦6.9 billion in comparison to the ₦4.2 billion same period last year. It also recorded a profit after tax of over ₦2 billion, in comparison to the ₦1 billion recorded in Q1 2019, a jump of 101.4%.

There was an increase in interest on long term loans of ₦113.5 million from ₦72.6 million in Q1 2019 to ₦186 million in Q1 2020.

Finally, cash generated from operations surged to ₦3.6 billion in Q1 2020 from ₦7.2 million in Q1 2019 because of the surge in cash receipt from customers of 129.3% YoY.

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