Presco pays shareholders N2bn dividend, posts N25.40bn profit
Shareholders of Presco Plc on Wednesday approved the payment of 200 kobo dividend, amounting to N2bn for the year ended December 31, 2017.
This came as the firm’s profit after tax within the period under review was given as N25.40bn, which was higher than N21.74bn recorded in 2016.
The dividend payment was endorsed during the 25th Annual General Meeting of the company held on its premises along Benin-Sapele road, Edo State.
A statement by the firm on Wednesday, which gave its turnover as N22.3bn as against 15.7bn in the previous year, said the shareholders also commended the board, management and workers of the company for remaining on the path of profitability despite challenges.
The Chairman of the Board of Director, Pierre Vandebeeck, while addressing the shareholders, said the company witnessed another year of significant revenue growth from N15bn in 2016 to N22.3bn in 2017, representing 42.3 per cent growth.
He said that fresh fruit bunches harvested in 2017 amounted to 169,325 tonnes compared to 164,313 tonnes in 2016.
Vandebeeck said the crude palm oil produced was 37, 637 tonnes as against 35,555 tonnes while “refined, bleached and deodorised oil was 23,330 tonnes.”
Making reference to future plans, the chairman said, “We have put our hands to the plough and cannot go back. We achieved a record oil palm planting of 3,600ha in 2017 and are focused to continue the increase in our palm plantation with the plan to plant an additional minimum 3,500ha in 2018.
“Work on the new refinery and fractional plant, palm kernel crushing plant and increase in installed capacity of the palm oil mill are expected to near completion by the end of 2018.
“Our RSPO certification audit will also take place in 2018. Management is paying attention to instituting the appropriate structure that supports the growth in our business in the medium and long term.”
The Managing Director of the company, Mr. Felix Nwabuko, recently told journalists that with the cultivation of over 8,000 hectares in two years, it would take just another year to get the full plantation ready.
The company, he added, had cultivated its new 3,600ha in the Orhionmwon Local Government of Edo State, adding, “This year, we intend to plant on 4,000 hectares. If we can do 100,000ha in Edo State, we will do it.”
Nwabuko attributed the company’s 15,000ha expansion project to the reforms being implemented by the Edo State Government in the agriculture sector.