Okomu Oil posts N23.5m PBT in 2022

THE Okomu Oil Company has posted a total revenue of N59.3 million for the year ended December 31, 2022. The figure is 59 per cent increase over the N37.39 million generated the previous year.

A further breakdown of the scorecard showed that the firm's profit before tax ( PBT) grew from N16.12 million in 2021 to N23.52 million in the succeeding year. This represents a 46 per cent increase.

Income tax expense for the year under review was N7.29 million as against the N4.58 million of 2021, representing a 59 per cent leap.

Cumulatively, the company achieved N16.23 million profit in 2022, compared to the N11.54 million posted for the preceding year, indicating a 41 per cent appreciation.

On the other hand, net assets decreased marginally from N34.05 million in 2021 to N34.03 million in the year under consideration.

The board chairman, Gbenga Oyebode, during the firm's 43rd AGM at the weekend in Lagos, said: "In 2022, global economic activities experienced a wide and sharper- thananticipated decline, with inflation higher than it had been in decades.

"The global economy was severely impacted by the cost- of- living crisis, tightened financial conditions in most countries, rising interest rates, Russia's invasion of Ukraine and the lingering COVID- 19 epidemic in some sections of the world. The International Monetary Fund ( IMF) predicted a global growth rate of 3.2 per cent and inflation of 8.8 per cent for 2022.

“The Nigerian economy experienced growth of 3.11 per cent, 3.54 per cent, 2.25 per cent and 3.52 per cent in the first, second, third and fourth quarter of 2022 respectively. The country's rates increased to 21 per cent in 2022, compared to an average 10.6 per cent for emerging and developing countries and 8.8 per cent for the global economy.

Fiscal pressures were worsened by soaring cost of petrol study.”