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Okomu Oil Palm Q2 profit climbs YOY

Okomu Oil Palm Co. PLC said its normalized net income for the second quarter came to 1.50 nairas per share, an increase from 63 kobo per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.43 billion nairas, an increase from 596.1 million nairas in the prior-year period.

The normalized profit margin climbed to 33.8% from 23.2% in the year-earlier period.

Total revenue grew 64.9% on an annual basis to 4.23 billion nairas from 2.57 billion nairas, and total operating expenses increased 24.1% on an annual basis to 1.87 billion nairas from 1.51 billion nairas.

Reported net income increased on an annual basis to 2.01 billion nairas, or 2.11 nairas per share, from 808.8 million nairas, or 85 kobo per share.

As of July 28, US$1 was equivalent to 315.50 nairas.