Okomu Oil Palm Plc first-quarter 2026 results show that the company is tapping Nigeria’s domestic market for growth as export earnings decline amid naira stability.
The palm oil producer reported revenue of N58.95 billion for the three months ended March 31, 2026, representing a 13.8 percent increase from N51.81 billion recorded in the corresponding period of 2025.
Export sales fell by 37.7 percent to N4.16 billion from N7.36 billion a year earlier, making it the weakest component of the company’s revenue mix. In contrast, local sales rose to N54.79 billion from N50.76 billion, accounting for almost 93 percent of total turnover.
The figures indicate that Okomu is becoming increasingly dependent on domestic demand for growth as export markets contribute a smaller share of revenue. The decline in export earnings comes at a time when the benefits many exporters enjoyed from the naira’s sharp depreciation are beginning to moderate.
Despite the strong revenue growth, profit expansion was comparatively slower. Profit before tax rose by 5.9 percent to N34.1 billion from N32.2 billion, while profit after tax increased by 8.6 percent to N23.6 billion from N21.7 billion.
