2r | THE OKOMU OIL PALM COMPANY PLC | |
OKOMU | RC: 30894 | |
Responsible tropical agriculture | Okom u - Udo, Ovia South West L.G.A | |
P.M.B. 1449, Benin City. | ||
Lagos Office: | Edo State, Nigeria. | |
Tel: 01-84446337 | E-Mail: pkomuinfo@okomunigeria.com , compsee@okomunigeria.com | |
E-mail: lagosoffice@okomunigeria.com | Web: ww.okomunigeria.com | |
MANAGEMENT REPORTS (INTERIM)
FOR9MONTHS
ENDEDSEPTEMBER 30, 2022
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Directors: | G. Oyebode | M.F.R (Chairman), G.D Hefer | (South African) Managing Director, | Dr. I. Chevalley (INED), PA.E | Eguasa JP, H. Fabri (Belgian), D. U. Edebiri OON., P. Fabri | ||
(Belgian), | R. Heksmootel | (Belgian), A. Arhainx (French) | Finance | Director, A. lghodalo, S. | Claeys | (Belgian), Mrs V. Shobo | (INED), J. Bastrup-Birk INED) |
THE OKOMU OIL PALM COMPANY PLC
ACCOUNTING POLICIES
1 . BASIS OF ACCOUNTING
The accounts have been prepared under the historical cost convention.
2. TURNOVER
Turnover represents the invoice value of goods sold to third parties.
3. FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation.
4. DEPRECIATION OF FIXED ASSETS
Depreciation is calculated at rates, consistent with previous years to write off the cost of the fixed assets over their estimated useful lives on the straight-linebasis at the following rates.
Building | 5% | |
Mill Machinery and Equipment | 10% | |
Crawlers | and Equipment | 20% |
Agricultural Equipment | 20% | |
Workshop Equipment | 20% | |
Tools | 20% | |
Power Supply Equipment | 20% | |
Miscellaneous Equipment | 12.5% | |
Nursery Equipment | 12.5% | |
Radio Communication & Survey Equipment | 12.5% | |
Water Supply | 12.5% | |
Light Vehicles and Lorries | 25% | |
Tractors | and Trailers | 20% |
Furniture, | Fittings and Equipment | 12.5%&20% |
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5. STOCK
Stocks were valued at the lower of cost and net realisable value. Cost includes all expenditure incurred in bringing goods and products to their present locations and conditions.
6. DEBTORS
Debtors are | stated after deduction of specific | provisions for the | debts considered | to be | |
doubtful of collection. | |||||
7. | FOREIGN CURRENCIES | ||||
Transactions | in foreign currencies are translated | into Naira at the rates of exchange ruling at | |||
the | transaction dates. Assets and liabilities denominated in currencies | other than the | Naira | ||
have been translated into Naira at the applicable rate of exchange ruling at the balance | sheet | ||||
date. Gains and losses on such transactions are included in the profit | and | loss account for the | |||
year. |
8. TAXATION
Provi sion for tax in the accounts is based on the following components:
- Company income tax based on the company's assessable profit for the year.
- Education tax based on the company's adjusted profit for the year.
9. DEFERRED TAXATION
Deferred taxation (which arises from differences in the timing of the recognition of items in the accounts and by the tax authorities) is calculated using the liability method. Deferr ed tax is provided on all timing differences at the rates of tax likely to be in force at the time of reversal. A deferred tax assets is recognised only to the extent that it is probable that future taxable will profits will be available against which the assets can be utilised.
IO.
-
Gratuity Scheme:
Lump-sum benefits payable upon retirement or resignation of employment are fully accrued over the service lives of the Nigerian employees. Independent actuarial valuations are performed periodically on a projected benefit obligation
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basis. Actuarial gains or losses arising from valuations are charged in full to the profit and loss account.
- Pension Scheme:
The company | complied | with the provisions | of the Pension Reform | Act of 2004. |
The company | operates | a contributory staff | retirement benefit | scheme for its |
Nigerian employees and | is managed by Pension Administrator. |
1 1 . CASH AND CASH EQUIVALENTS
For the purpose of reporting cash flows, cash and cash equivalents include cash in hand , cash balances with banks, bank overdrafts and short-termdeposits with banks.
12. FUNCTIONAL AND PRESENTATION CURRENCY
These financial statements are presented in Nigeria Naira which is the companies' functional currency. All the financial information presented in Nigeria Naira has been rounded to the nearest thousand.
13 . DISCLOSURE OF DEALINGS IN ISSUER'S SHARES:
In relation to securities transactions by directors , an issuer shall disclose in its interim reports
(and summary interim reports , if any) | and the Corporate Governance | Report contained in its |
annual reports (and summary financial | reports, if any): |
(I) The company has adopted a code of conduct that requires its directors to abide with
the standard | set by the rules of the exchange and issuer's code of conduct, in line with |
the approved | Security Trading Policy of the company in their security transactions |
dealing: |
(2) The directors of the company have been abiding by these rules in their dealings with their securities transactions as set out in the listings rules and issuer's code of conduct regarding securities transactions by directors; and
(3) There is no case of non compliance by the directors on their securities transactions with regards to the rules.
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THE OKOMU OIL PALM COMPANY PLC
PROFIT OR LOSS AND COMPREHENSIVE INCOME
FOR THE PERIOD ENDED(INTERIM) SEPTEMBER, 2022 | |||||
3 MONTHS ENDED | 9 MONTHS ENDED | ||||
Sep-22 | Sep-21 | Sep-22 | Sep-21 | ||
Note | N'OOO | N'OOO | N'OOO | N'OOO | |
Turnover | 2 | 9,421,983 | 7,418,918 | 50,179,021 31,045,621 | |
Cost of Sales | 3 | 4,723,361 | 1,214,200 | 14,407, 497 | 3,156,148 |
Gross Profit | 4,698,622 | 6,204,718 | 35,771,524 27,889,473 | ||
Net Operating expenses | 4 | 3,332,306 | 3,854,533 | 10,670,205 | 13,012,834 |
Profit from continuing operations | |||||
before tax changes in fair value | 1,366,316 | 2,350,185 | 25,101,319 14,876,639 | ||
Finance Income | 5 | 1,152 | 50,453 | 55,175 | 54,117 |
1,367,468 | 2,400,638 | 25,156,494 14,930,756 | |||
Finance Costs | 6 | 178,826 | 30,336 | 536,790 | 1 1 1 , 1 3 8 |
Profit on continuing operation b4 tax | 1,188,642 | 2,370,302 | 24,619,704 14,819 ,618 | ||
Taxation | 8 | -24,413 | 302,560 | 6,569,013 | 3,216,086 |
Profit on continuing operation after | tax | 1,213,055 | 2,067,742 | 18,050,691 | 11,603,532 |
OTHER COMPREHENSIVE INCOME | |||||
Actuarial gains | |||||
Total comprehensive Income | 1,213,055 | 2,067,742 | 18,050,691 11,603,532 | ||
Earnings Per Share (EPS): Basic (N) | 1.27 | 2.17 | 18.92 | 12.16 |
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Okomu Oil Palm Company plc published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 09:09:06 UTC.