Okomu Oil forecasts improved profit of N2.974b in Q1 2021

WorldStage Newsonline– Okomu Oil Palm Company Plc, a Nigeria-based company engaged in cultivation of oil palm, processing of fresh fruit bunches into crude palm oil for resale, rubber plantation and processing of rubber lumps to rubber cake for export has released its earnings forecast for the first quarter 2021 with profit after tax N2.974 billion, an improvement of 1,210% over the N227.424 million forecasted for the 4th quarter 2020.

The Q4 profit forecast released to the Nigerian Stock Exchange on Friday in a notice signed by Felix Odighizuma Chief Accountant, Dr Graham Hefer, Managing Director put turnover at N9.402 billion compared with N3.736 billion forecasted for Q4.

The group said cash at the end of the period will rise to N5.905 billion from N4.066 billion at the beginning of the period.

WorldStage earlier reported the company forecasted a profit forecast of N227.424 million for the 4th quarter 2020 from a turnover of N3.736 billion.

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