Presco shareholders approve N2bn dividend payment
The shareholders of Presco Plc have approved a 200 kobo per share dividend, amounting to N2bn for the 2020 financial year just as its chairman announced revenue of N23.89bn.
According to a statement, the shareholders gave the approval at the company’s 28th Annual General Meeting held by proxy at Obaretin Estate, Ikpoba-Okha Local Government Area, Edo State on Wednesday.
The Chairman, Paul Cardoen, announced to the shareholders that the firm’s revenue increased by 21 per cent from N19.72bn in 2019.
He said, “We realised a gross profit of N16.08bn, a 26 per cent increase on N12.72bn of 2019 and 37 per cent increase in profit after tax (after accounting for changes in fair value of biological assets).
“In the same period, fresh fruit bunches harvested was 214,872 tonnes, crude palm oil produced was 45,467 tonnes, refined, bleached and deodorised oil produced was 19,486 tonnes and olein and stearin produced was 7,352 tonnes.
“Average unit selling prices of crude palm oil and crude palm kernel oil achieved increased marginally by 1.59 per cent and 1.15 per cent respectively year on year.
“Average unit selling prices of bulk sales of refined product (olein, stearin and RBDO) achieved in 2020 improved marginally by between 1.05 per cent and 1.37 per cent compared to 2019 while that of package refined products (olein and stearin) also improved marginally by 1.13 per cent and 1.27 per cent respectively.”
The Chairman, Onitsha Zone Shareholders Association, Bishop Goodluck Akpore, commended efforts by the board and management of Presco to boosts the company’s operations.
He said the shareholders were particularly impressed with the company’s resolve to pay a dividend and sustain growth agenda despite challenges including the COVID-19 pandemic.
Akpore also appreciated the company’s Managing Director, Felix Nwabuko, for his dedication to the firm’s growth.
Nwabuko assured the shareholders and other stakeholders of the company of increased growth and profitability in the future.