BY CALEB AYANSINA
Okomu Oil Palm Company Plc has announced a total asset base of N8.7billion for the financial year ended December 2010. The palm oil company?s shareholders? fund increased to N5.87billion in the same period under review from N4.35billion posted in 2009 with a turnover of N6.1billion in 2010 from N4.74billion recorded in 2009.
Okomu?s profit-before-tax? significantly rose by 197.94 per cent in year under review to N1.97billion from N661.6million announced in 2009 whilst its profit-after-tax also increased marginally by 196.9 per cent to N1.63billion from N549.4million in 2009. ??Mr. Gbenga Oyebode, Chairman of the company at the 2010 annual general meeting of the organisation in Abuja, said that the company would continue to contribute its quota to the development of humanity and Nigeria. Oyebode noted that the sum of N476, 955, 000 was earmarked by the company as dividends to be paid at N1 per 50k share. He stated that the dividends would be mailed to eligible shareholders by June 17 subject to deduction of 10% withholding tax, which is not retained by the company but payable to the federal and state tax authorities.
Oyebode added that the company has embarked on some projects in the area of transportation, health as well as education to benefit the local community around the area as part of its social corporate responsibilities.
On the company corporate social responsibility, Okomu chairman explained that the company is in the fore front, ?What is important to us is the people around us, where out plantation is located we are responsible for grading road, for digging borehole, we have a clinic and two schools on our plantation we make sure that our local community benefit from Okomu because that is the only way that is the only way we will leave with the local community in peace?.
?We are not given money to people around the country we are making sure that the people around us benefit from this business that is what we will continue to do by paying attention to their health need, educational need and the transportation need of our immediate community.
He said the company would continue to grow its business, interact with relevant regulatory agencies and also comply with the set corporate governance code.
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