Okomu Oil Palm Co. PLC said its first-quarter normalized net income was 1.07 nairas per share, an increase of 38.1% from 77 kobo per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.02 billion nairas, an increase of 38.0% from 740.5 million nairas in the year-earlier period.

The normalized profit margin climbed to 30.6% from 30.6% in the year-earlier period.

Total revenue climbed 37.2% year over year to 3.33 billion nairas from 2.42 billion nairas, and total operating expenses increased 44.2% year over year to 1.64 billion nairas from 1.14 billion nairas.

Reported net income increased 54.5% year over year to 1.60 billion nairas, or 1.67 nairas per share, from 1.03 billion nairas, or 1.08 nairas per share.

As of May 4, US$1 was equivalent to 199.05 nairas.