Twenty five years since it last paid dividend, rebounding Okitipupa Oil Palm Plc, has resolved to pay its shareholders 25k dividend for the year ended Dec. 31, 2020.
Board Chairman of the company, Mrs. Mobolaji Osomo, speaking at the 31st Annual General Meeting (AGM) of the company in Lagos, said the company had returned to significant profitability and had wiped out consistent losses of past years, hence the dividend payout for every 50 kobo shares held.
She stated that the company recorded a significant 94.97 percent revenue growth for the year ended, Dec. 31, 2020, compared to the same period of 2019.
“Your company emerging from a period of recurring crises for over a decade, returned to a major turnaround with an unprecedented turnover of N548.2 million in 2020 compared to N281. 1 million in 2019, a significant 94.97 per cent increase in revenue. In the same period, your company made a commendable profit after tax and dividend payment in the sum of N229.8 million in 2020 against a profit of N3.6 million in 2019 “.
“However, this is attributable to a change in our business strategy driven by a new agricultural operations model undertaken to re-position the company which is being consolidated in 2021 and we are sure, will produce even far significant results. In order to sustain these encouraging trends, strategies have been developed to completely rescue the company’s plantations from the claws of unauthorised persons, who have been exploiting them without let or hindrance for over two decades “.