Okomu Oil forecasts weak result for Q4 2020 at 11.49% of H1 profit

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 a profit forecast of N227.424 million for the 4th quarter 2020 from a turnover of N3.736 billion.

For the company which operates through two segments- palm oil products and rubber products, the Q4 profit forecast released to the Nigerian Stock Exchange on Tuesday in a notice signed by Felix Odighizuma Chief Accountant, Dr Graham Hefer, Managing Director is 11.49% of the interim profit for the first six months of the year at N1.979 billion when the turnover is 57.10 of the half year figure of N6.542 billion.

The note also projected cash/bank balance at the beginning of the period at N2.408 billion to drop to N1.749 billion at the end of the period.

Trading opened on Okomu stock on the NSE at N79 on Tuesday with 10 transactions involving 708 shares valued at N53,598.80 as at 12.21am Nigerian time.

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