OKOMU OIL PALM : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

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: [phone]		E-Mail: [e-mail] , [e-mail]
E-mail: [e-mail]	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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EMPLOYEES' RETIREMENT BENEFITS

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.

1. 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.

1. 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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