News
Oil Palm Firm Pays Shareholders N2.8bn Dividend After Tax
The management of Okomu Oil Palm Company Plc has announced a dividend payment of N2.8 billion after tax to shareholders.
The Tide source reports that the company is located at Udo Community in Ovia South West Local Government Area of Edo State.
The Chairman of Okomu Oil Palm, Mr Gbenga Oyebode made the announcement at the company’s 2017 annual report and accounts, yesterday in Benin.
He said the feat was made possible due to the prudent management of the company.
“As s result of the excellent results delivered and to ensure that our shareholders remain participants in the success of the company, the Board of Directors recommends for approval, a dividend payment of N3.00k per ordinary share, or a total dividend of nearly N2.8 billion.
“During the year under review, the results of the company recorded combined turnover totaling N20.2 billion which amounts to an increase of 40 per cent on 2016 turnover.
“Direct costs of sales were 36 per cent higher than 2016 at N4.9 billion, generally in line with inflation and the Naira devaluation,’’ he said.
According to him, in 2017, the company also paid more than N2 billion in taxes to federal agencies up from N948 million paid in 2016.
“This translated into a total comprehensive income of N8.9 billion in 2017, this being 78 per cent better than the N4.9 billion total comprehensive income recorded in 2016,’’ he said.
Oyebode explained that although there were some improvements from the previous year, “2017 still presented numerous challenges to the business environment with a contraction monetary policy, high levels of inflation and unemployment.
“However, government’s action to reign in excessive budgets and improve foreign liquidity as well as an increase in oil prices helped bring the economy out of recession this year.
“We also saw improved rubber and crude palm oil (CPO) prices this year, with increases of 24 per cent and 44 per cent respectively.
“This combined with fiscal discipline displayed by the management, saw the company delivering excellent record,’’ he said.
“The consolidated profits on continuing operations after tax saw an increase of 78 per cent on the 2016 results.
“Turnover also increased by 40 per cent from 2016, which saw the company take up position as one of the top 10 companies with the highest turnover on the Nigerian Stock Exchange in 2017.’’
On its operations in the year under review, Oyebode noted that as at the end of 2017, the total oil palm area was 17,244 ha, of which 7,371 ha with new plantings were yet to mature.
“Plantation cost for the year was 28 per cent higher than for 2016,’’ he added.
‘Production of crude oil palm from the oil mill was two per cent higher than 2016’s production, with oil extraction rates averaging approximately 22 per cent.
“However, the oil mill costs for 2017 were 37 per cent higher than the previous year, predominantly driven by the increased costs of imported spare parts as a result of the devaluation of the Naira.
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
-
News1 day ago
Obuah’s Victory Excites Former Lawmaker as APC Primaries Conclude in Rivers West
-
Politics3 days agoAPC PRIMARIES: FUBARA’S WITHDRAWAL, HISTORIC SACRIFICE FOR NATIONAL STABILITY ……. GROUP
-
News4 days agoCourt Sentences Seven To Death Over Murder Of Cleric In Rivers
-
News1 day ago
105 Nigerians Killed In S/Africa In Seven Years
-
Sports3 days agoPH Arsenal Community Set For Streets Procession, Saturday
-
Politics3 days agoIPAC Flays INEC Over Election Guidelines Judgement
-
Politics3 days agoNDC To Adopt Electronic Voting For Future Primaries
-
Niger Delta1 day agoRoyal Father Endorses PH Arsenal Community, Pledges To Support