mt | News: Okomu Oil to build largest mill in Africa. The Okomu Oil Palm Plc has revealed plans to build the biggest oil mill in Africa as part of step to strengthen its leadership position in the oil palm and rubber industries on the continent, even as it declared N7.00 per share dividend to its shareholders for the year ended December 2012. The Chairman, Okomu Oil, Gbenga Oyebode, revealed this at the 33rd Annual General Meeting of the firm, held in Abuja. According to him, the expansion of the oil mill, which will double its production capacity from 30t/hr to 60t/hr thereby making it the largest oil mill in Africa, has already commenced and is scheduled for completion before the end of 2014. The N7.00 dividend is the highest ever paid in the company’s history and is 29 per cent higher than that of N5 per 50k paid to shareholders in 2011. The company also gave a bonus of one new share for every existing ordinary share of 50k held by each shareholder of the company. The Chairman further announced that the company’s ambitious expansion programme will greatly boost yield from its oil palm and rubber plantations and grow the revenue of the company. The programme includes the planting of a total of 600 hectares of rubber in 2013 and another 700 hectares, which has already been cleared, will be planted in 2014. Also, the last 1,200 hectares of clearing is expected to begin in October 2013. Oyebode noted that the company recorded a combined consolidated turnover of N10.1 billion in 2012, in spite of the lower-than-average commodity prices and trade volumes occasioned by the continuing worldwide financial crisis and uncertainty in the Euro Zone and USA which continued to impact negatively on consumer spending during the year under review. “Commodity prices, as a result of this crisis, dropped significantly, especially rubber prices, and this, amongst others, had an influence on the company’s profits in 2012.”
Posted on: Tue, 18 Jun 2013 07:44:48 +0000
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