Okomu Oil Palm Plc reported a 16.4 percent decline in profit after tax for the first half of 2026, as lower revenue and rising production and operating costs offset stronger finance income.
The Edo State-based agribusiness posted a profit after tax of N39.73 billion for the six months ended June 30, 2026, down from N47.54 billion recorded in the corresponding period of 2025. Earnings per share also declined to N41.65 from N49.83 a year earlier.
The weaker bottom-line performance came as turnover slipped by 3.5 percent to N125.29 billion, compared with N129.83 billion in the first half of 2025, reflecting softer sales across the company’s oil palm and rubber businesses.
At the same time, the cost of sales increased by 3.8 percent to N44.56 billion from N42.91 billion, squeezing margins despite the modest decline in revenue. As a result, gross profit fell 7.1 percent to N80.73 billion, down from N86.93
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