The Okomu Oil Palm Company Plc (NSE Ticker: OKOMU), informed the Nigerian Stock Exchange and the investing public that the Board of the OKOMU will meet on Tuesday, the 20th of October, 2020.
The meeting will be held at the Okomu Oil Palm Company Plc registered office, Okomu Udo, Ovia South West LGA, Edo State, at 11am. The Board will consider among other things the Unaudited Interim Financial Statements for the quarter ended 30 September, 2020.
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In compliance with the Rules of the Nigerian Stock Exchange, the Company announced the commencement of a closed period for the trading in its shares by its Directors, Employees, Advisers, Consultants, connected persons and any other person or persons with insider information.
The closed period will commence on Monday, the 5th of October 2020 until 24 hours after the announcement of the Unaudited Interim Financial Statements (for the quarter ended 30 September, 2020) 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.
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 N13.526 billion for the first half of the year, a 57.92% increase from N8.565 billion reported in H1 2019.
The profit for the same period grew by 58.44% to N4.006 billion from the N2.528 billion reported in H1 2019.
OKOMU has 953,910,000 outstanding shares and a market capitalization of N76.312 billion.