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Okomu Oil Palm Company Plc, the leading oil palm company in Nigeria, has reported that its pre-tax profits rose 40.5 percent for the full year ended December 31, 2015.

According to its audited report and financial statements released on Wednesday, the company said pre-tax profits rose to N3.28 billion in 2015, compared to N1.95 billion reported in 2014.

Revenues rose 11.1 percent to N9.74 billion last year, compared to N8.66 billion in the previous year.

Okomu Oil Palm said basic earnings per share rose to N2.36 per share in 2015, compared to N1.39 per share declared in the previous year.

Founded in 1976, Okomu Oil Palm has the largest oil palm plantation in Nigeria. The company produces about 31,000 tonnes of oil palm and 8,000 tonnes of rubber annually. The company is controlled by Scofin, a Luxembourg-based company, which owns oil palm and rubber plantations in Cote D’Ivoire, Cameroon, Kenya, Liberia, Guinea, and Indonesia.  

Okomu Oil Palm’s stock closed at N29.85 on Thursday, down 5 percent from the previous day’s closing price.