Okomuoil Plc reported a marginal top-line performance in its Q1 2026 results, with Revenue rising by 1.5% year-on-year (y/y) to ₦58.95 billion, up from ₦58.11 billion in Q1 2025. This modest growth was primarily supported by stronger demand in the local market amid elevated prices, as average industry selling prices rose by 9.2% y/y to ₦3.20 million per metric ton (from ₦2.91 million), likely reflecting supply constraints. Local sales accounted for 92.9% of total revenue and grew by 7.9% y/y, driven by robust domestic demand. In contrast, export sales—mainly from the rubber segment—declined sharply by 43.4% y/y, resulting in overall flat revenue growth.

Cost of Sales declined significantly by 29.0% to ₦10.06 billion (Q1 2025: ₦14.17 billion), largely due to a 32.5% reduction in oil palm-related costs. This reflects improved cost efficiency and lower input costs in the oil palm segment. As a result, Gross Profit rose by 11.3% y/y to ₦48.89 billion (from ₦43.94 billion), while gross margin expanded markedly to 82.9% from 75.6% in Q1 2025.

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