Okomu Oil Palm FY PAT up 61.9%

Okomu Oil Palm, a leading oil palm processor, has reported a significant 61.9% growth in profit after tax for the full year of 2024. The company also recorded a remarkable 73.4% increase in revenue, largely driven by a 65% surge in local sales, which accounted for 74.8% of total revenue. Graham Hefer, the Managing Director of Okomu Oil Palm, discussed the company's outstanding performance in an exclusive interview with CNBC Africa. He highlighted the strong growth in both the top and bottom lines, particularly in the fourth quarter of the previous year, despite facing cost pressures. He attributed this success to the company's ability to achieve expected yields and the favorable price increases in commodities like rubber and palm. While acknowledging the challenges posed by inflationary pressures on expenses, Hefer remains optimistic about the future, citing positive trends in oil and rubber prices. The company's strategy for 2025 includes focusing on internal fund generation, consolidating yields, and optimizing cost structures to navigate the prevailing economic conditions. Hefer expressed confidence in the stability of the business environment, provided inflationary pressures are controlled and reforms continue to positively impact businesses. He emphasized the importance of international developments, particularly in the US, Malaysia, and Indonesia, on commodity prices and global economic stability. Looking ahead, Hefer hinted at a positive outlook for the first quarter earnings, expressing hope for a prosperous year ahead. Investors and stakeholders are eagerly anticipating the company's upcoming performance metrics, which are expected to reflect further growth and success.