Presco plc has declared a second interim dividend of N10 per share after profit before tax ballooned 108.2 percent year-on-year to N139.7 billion for the nine months ended September 30.
This record-high performance was boosted by increased sales from its palm oil plantations, operational efficiency, and high demand for its refined and specialty oil products.
Raji George, managing director of the palm oil maker, said the result affirms the company’s resilience to deliver sustainable growth amid Nigeria’s evolving macroeconomic landscape. “Presco’s nine-month year-to-date performance reflects not just strong numbers, but the strength of our model in an evolving Nigeria,” he said. “As the country navigates new economic realities, our consistency and focus continue to stand out.”
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He added that by staying disciplined in execution, Presco is “translating efficiency and innovation into real, measurable growth.”
Revenue rose to N274.5 billion in nine months, a 113.5 percent jump from the N128.6 billion recorded in the same period last year. Profit after tax saw a 114 percent boost to N110.8 billion, earning investors N110.79 per share, up from N51.77 a year earlier. Total assets were not left behind, as they increased 29 percent to N612.8 billion, while retained earnings rose 54.3 percent to N195.5 billion.
“On the strength of this performance, the Board of Directors approved an additional interim dividend of N10 per share, reflecting confidence in Presco’s fundamentals and a commitment to rewarding shareholders,” a statement released by the Edo-based firm stated.
The Board’s decision reaffirms Presco’s confidence amid inflationary pressures and rising food import costs.
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“As the year draws to a close, we remain focused on sustaining our growth trajectory, also confident of a strong finish built on solid fundamentals and a prudent approach to financial management,” said George.
While acknowledging the firm’s impressive 9-month return, George said the “Vision goes beyond quarterly results. We Presco as part of Nigeria’s solution, driving value from the soil to industry, building resilience in the economy and creating sustainable opportunities for the future. Our commitment to long-term value remains firm, and we will continue to strengthen our contribution to Nigeria’s agricultural and industrial story.”