Business

Okomu Oil Palm records pre-tax profit of N32.9 billion in 2023

Nigeria’s leading oil palm production company, Okomu Oil Palm has released its financial results for FY 2023, posting a pre-tax profit of N32.9 billion which marks a 43.4% increase from the N22.9 billion posted in FY 2022.


The company which is based in Edo State recorded a turnover of N75 billion in 2023, representing a 26.6% growth in revenue from the N59.2 billion recorded in 2022. In Q4 2023, the company recorded a turnover of N14.3 billion, which marks a year-on-year growth of 58.2% from the N9.07 billion recorded in Q4 2022.


Okomu Oil Palm Company was founded by the Federal Government in the Okomu Forest Reserve in 1976. The company became publicly listed in 1990 on the Nigerian Stock Exchange in 1990. Currently, the major shareholder of Okomu Oil Palm Company is the Luxembourg-based Socfinaf SA, with a 62.95% holding.