Presco’s Shareholders Approve N26.3bn Dividend

Shareholders of Presco Plc have approved a dividend of N26.30 per share amounting to N26.3 billion for the year ended December 31, 2024.

The shareholders gave their approval at the Company’s annual general meeting held in Lagos. They also approved a capital raise of up to N250 billion by way of rights issue.

Speaking, the chairman of Presco, Rasheed Sarumi stated that “2024 was a landmark year in the history of our Company. We grew our revenue by 102.6 per cent to N207.5 billion from N102.4 billion in 2023. This growth was driven by an increase in produce on volumes, our enhanced organizational efficiencies and deeper market penetration.

“Our Gross Profit grew by 120 per cent to N142 billion, while our profit before tax jumped by 128.7 per cent to N113.2 billion. This leap underscores our capacity to convert growth into robust shareholder value.”

He added that “our Earnings before Interests, Taxes, Depreciation and Amortization (EBITDA) grew by 125.2 per cent to N119.1 billion, reflecting our strong operational discipline. Earnings per share rose by 57.5 per cent and consequently, our market valuation grew by 146 per cent; an affirmation of investor confidence in our company and mission.”

Sarumi disclosed that “in August of 2024, we acquired a 52 per cent equity stake in Ghana Oil Palm Development Company Limited (GOPDC), marking our strategic entry into the Ghanaian market. The acquisition was eventually consolidated in 2025 making GOPDC a wholly owned subsidiary of Presco. The addition of GOPDC’s results has contributed meaningfully to our growth and aligns with our vision to become West Africa’s leading and most sustainable oil business.

“Beyond this, we are actively exploring additional business and expansion opportunities across the region to further consolidate our leadership position, unlock new growth frontiers and bring quality service beyond Nigeria.”

On the company’s outlook, the chairman said, “we will continue to focus on increasing productivity and deepening our regional footprint; and are committed to delivering long-term value and fostering our shared prosperity.

“We are steadfast in our ambition to be Africa’s largest and most sustainable edible oils and fats business. To achieve this, we will continue to pursue growth that is tethered to environmental stewardship, community engagement and superior corporate governance.”