The Okomu Oil Palm Company Plc., yesterday, declared  18.50k dividends for it’s shareholders for the year ending December 31, 2023.

The decision was taken at its annual general meeting, AGM held at Transcorp Hilton Abuja.

The company reported a total turn over N95 billion for the 12 months period up by 36% from the N72,498,290 of the previous year.

Profit after tax grew year on year by 27.21% to N20.65 billion in 2023 financial year from N16.23 billion reported in FY 2022.

Earnings per share of Okomu stands N21.64. At the share price of N243, the P/E  ratio of Okomu Oil stands at 11.23x with earnings yield of 8.91%.

The shareholders also re-elected members on the board and elected one new director, chief Osaru Ida, who is representing Edo state government, and re-elected three other directors who have been on the board prior to now.

Speaking at the AGM, the Chairman of the Company’s board, Gbenga Oyebode said the N18.50k dividends declared by the company was the highest ever declared in the history of the company, and an indication of a profitable and fruitful year ending.

” It shows that our company continues to do well, increase volumes, continue increasing the acreage on the plantation and continues to support the local communities where it is operating. This is the highest profits that we’ve ever made, highest dividends we’ve ever paid, it shows the stability, the strength, the sustainability of our business.