Presco Proposes N42bn Final Dividend For 2024

The directors of Presco Plc have recommended a final dividend of N42 billion or N42 per share payable to the shareholders for the year ended December 31, 2024.

The company in its audited financial statements released on the Nigerian Exchange (NGX) showed that revenue grew by 102.6 per cent to N207.504 billion from N102.419 billion in 2023.

Gross profit rose by 120 per cent to N141.976 billion compared to N64.524 billion in 2023, while operating profit stood at N125.797 billion higher than N58.631 billion posted in 2023.

The company declared profit before tax of N113.223 billion from N49.499 billion, while profit after tax moved from N32.354 billion to N77.793 billion, representing a year-on-year growth of 140.4 per cent.

Earnings per share for the period ended December 31, 2024 stood at N7, 607 as against N3, 235. Presco’s total assets amounted to N475.096 billion from N187.067 billion in 2023, while equity for the year 2024 gained by 185.7 per cent to N211.185 billion from N73.912 billion in 2023.

Speaking on the results, the managing director and CEO of Presco, Reji George stated, “against macroeconomic factors faced during the financial year under review, we remained undeterred in our strategic focus, resilience, and organisational efforts.

“This approach has led to remarkable growth across our operations.  We acquired 52 per cent of Ghana Oil Palm Development Company Limited in August 2024 pursuant to our strategic growth objectives with further consolidation of our control of that entity in 2025.”

George noted that this sterling performance reflects Presco’s capacity to continually deliver exceptional returns to its shareholders through a combination of operational efficiency and agricultural excellence, saying that “Presco’s revenue increased by 102.6 per cent to N207.5 billion to cement its position as the leading edible oil business in West Africa.

“In line with its growth strategy, Presco is committed to enacting shared prosperity for its employees, communities and stakeholders to enable it to emerge as Africa’s largest, most profitable and sustainable edible oil business.”

Presco Plc together with its subsidiaries, Siat Nigeria Limited and Ghana Oil Palm Development Company Limited is a fully integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining and fractionation plant. Presco is the market leader for specialty fats and oils in West Africa.