The Board of Directors of The Okomu Oil Palm Company Plc (NGX ticker: OKOMU) are scheduled to meet on Monday 13th December, 2021 at 3.30pm to consider amongst other things, the Company’s business and forecast for 2022.
The company made the announcement through a notification posted on the Nigerian Exchange Limited and seen by Investogist.
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In compliance with the provisions of Rule 17.18(a): Closed Period, Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended, the Company will commence a Closed Period from Friday, 26th November 2021 for trading in its shares by Directors, Employees, Advisers, consultants and their connected persons and any other person(s) with insider information until 24 hours after the outcome of the meeting is disclosed to the market.
About the Company
The Okomu Oil Palm Company was established in 1976 as a Federal Government pilot project aimed at rehabilitating oil palm production in Nigeria. At inception, the pilot project covered a surveyed area of 15 580 hectares out of which 12 500 hectares could be planted with oil palm. It was incorporated on December 3, 1979 as a limited liability Company.
As part of efforts to shore up its revenue base, the Company acquired and installed a 1.5 T/h Fresh Fruit Bunches (FFB) mill in 1985 to begin to process its FFB. Prior to the installation of the mill, the Company derived its revenue from the sale of FFB.
By December 31, 1989, 5 055 hectares of the estate had been planted. The Company also began infrastructural developments on the estate at that period. The facilities included office blocks, workshops/stores, staff quarters, a petrol station, a powerhouse and a primary school for children of the Company’s staff members.
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In 1990, the Technical Committee on Privatisation and Commercialisation (TCPC) privatized The Okomu Oil Palm Company on behalf of the Federal Government of Nigeria.
It has since grown to become Nigeria’s leading oil palm Company with total area of 33,113 ha of which 19,061ha is currently planted with oil palm trees and 7,335 ha with rubber trees.. Currently, the Company operates two 30 T/h oil mills and another two 30 T/h oil mills are planned to be operating by June 2021 and June 2022 respectively.
OKOMU reported a revenue of N7.41 billion for the 9 months period ending 30th September 2021, a significant increase from the N5.09 billion revenue recorded in the same period in 2021.
The profit for the same period went up to N2.06 billion (9M 2020: N0.99 billion).
OKOMU has 953,910,000 outstanding shares and a market capitalization of N135.45 billion.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur