Okomu Oil sees 0.06% marginal growth in revenue in Q3 2018

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Okomu Oil sees 0.06% marginal growth in revenue in Q3 2018Okomu Oil sees 0.06% marginal growth in revenue in Q3 2018

Okomu oil grew revenue and profit after tax by 0.06% and 13.28% respectively in Q3 ’18. The revenue was impacted by marginal improved returns on local sales to third parties which is 87.76% of the revenue.

The firm’s finance income decreased significantly due to the fact that interest on fixed deposits decreases by 24.32% compared to Q3 2017. Profit margin increased marginally to 86.20% against 85.06% in Q3’17 as result of 7.10% decrease in sales cost. The company has a current ratio of 3.27x. This shows that it has the capacity to meet its short-term obligations as they fall due.

EPS stood at 759 kobo representing a 13.28% over Q3 2017.

Further down, in lockstep with declining cost of sales, operating expenses dipped 9.9% to ₦1.46 billion with OPEX to sales plunging 50bps Year on Year to 39%. As a result, EBIT margin jumped to 47.5% from 31.5% in the prior year. Overall, despite lower finance income (-44.4% Year on Year to ₦75.2 million), which is reflective of lower foreign exchange gain emanating from the stability in the Naira as well as lower yield environment — and higher interest expense (+11.6% Year on Year to ₦78.4 million) — earnings spiked from ₦159 million in the prior year to ₦1.3 billion over Q3 2018.

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Okomu Oil sees 0.06% marginal growth in revenue in Q3 2018Okomu Oil sees 0.06% marginal growth in revenue in Q3 2018

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Okomu Oil sees 0.06% marginal growth in revenue in Q3 2018Okomu Oil sees 0.06% marginal growth in revenue in Q3 2018

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- Advertisement -Okomu Oil sees 0.06% marginal growth in revenue in Q3 2018Okomu Oil sees 0.06% marginal growth in revenue in Q3 2018