The Okumu Oil Palm Company Plc announced a strong financial performance with a gross earning of N75.2 billion in 2023, reflecting its commitment to strategic objectives and excellence. At the 44th Annual General Meeting, Chairman Mr. Gbenga Oyebode highlighted the company’s resilient growth amidst challenging operating and economic conditions.
Notably, the company reported a 27% increase in total income, driven by price rises in core products like Crude Palm Oil (CPO) and rubber. Despite production challenges due to climate factors, the company’s turnover surged by 27%, showcasing its adaptability and sound business model.
The Board of Directors proposed a final dividend of N14 per ordinary share, in addition to an interim dividend, totaling N18.50 per share. Shareholders praised the management’s efforts but expressed concerns about insecurity and general hardships, urging the government to address these issues for a better economic outlook.
Oyebode expressed optimism for 2024, emphasizing operational growth in key sectors and the company’s commitment to value creation and financial prudence.
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