Presco to pay N42 final dividend as profit more than doubles to N77.79bn

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

The share price of Presco ended the year 2024 at N475 (2023: N193). As of Monday, April 7, the share price stood at a 52-week high of N785, representing an increase this year by 65.26 percent.

Presco has one billion shares outstanding. Before its recent uptick, the stock had reached a 52-week low of N209, an entry opportunity many investors missed.

The N42 per share final dividend will be subject to approval at the company’s Annual General Meeting (AGM).

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In March 2024, Oak and Saffron Limited completed the acquisition of SIAT SA’s 86.73 percent stake which is the parent company of Presco Plc. In June 2024, Reefs and Coral Limited completed the acquisition of SIAT SA’s 13.27percent.

Presco more than doubled its profit in 2024 as shown in its recently released annual report, consolidated and separate financial statements for the year ended December 31.

The Group’s revenue from operations increased to N207.504billion in 2024, from N102.419billion in year 2023.

The principal activities of the Group are the development of oil palm plantations, palm oil milling, palm kernel processing and vegetable oil refining. The products of the Company are: refined bleached and deodorized palm oil, palm olein, palm stearin, palm fatty acid distillate, crude palm oil, palm kernel oil (crude and refined) and palm kernel cake.

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The Group’s products are sold directly to wholesalers, consumers and industrial users with majority located within the Country.

Some of Presco’s major customers are: Nestle Nigeria Plc; Wamco Nigeria Plc; Chikki Food Industries; PZ Cusson Nigeria Plc; PZ Wilmar Limited; Fan Milk Plc; Golden Pasta Company Limited; Aspira Nigeria Limited; KLK Emmerich GmbH; Promasidor; Primera foods; Orient foods; Beloxxi Industries Limited, Unilever Ghana, Chanrai Group (Blue Band) Ghana, Y&K Enterprises Limited Ghana and Dangote Group.

In the year ended December 31, 2024, Presco Plc reported gross profit increase to N141.976billion from N64.524billion in 2023. The Group’s profit for the year 2024 more than doubled to N77.793billion from N32.353billion in 2023.

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.