Data compiled by BusinessDay reveals that the combined profit of Presco Plc and Okomu Oil Palm Company Plc surged by 70.2 percent last year. Their total after-tax profit soared to N51.62 billion from N30.33 billion in 2022, indicating substantial financial growth.
In terms of sales, the top palm oil producers collectively earned N130.7 billion, a significant increase from N100.8 billion previously. Okomu recorded N67.04 billion in revenue from the local market (Nigeria) and N7.95 billion from export sales, while Presco’s revenue came entirely from local sales, totaling N103.1 billion.
Presco experienced a remarkable 39 percent growth in sales revenue, reaching N27.6 billion, while Okomu Oil reported a commendable 27 percent increase, totaling N103.14 billion. These positive financial performances reflect the companies’ effective strategies and the growing demand for their products in both local and export markets.
Source: Business Day