Presco shareholders approve N2bn dividend

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Shareholders of Presco Plc, on Wednesday, commended the board and management of the company for declaring N2bn dividend for the financial year ended December 31, 2019 despite various challenges.

The shareholders gave their commendation at the company’s 27th Annual General Meeting held by proxy in Edo State.

The meeting was held by proxy in accordance with COVID-19 guidelines issued by the World Health Organisation, the Nigerian Centre for Disease Control, the Edo State Government and the Corporate Affairs Commission.

Commending the company, shareholders approved the payment of N2bn, which translates to 200 kobo per share.

With about 8,000 staff strength, Presco’s range of products include special palm oil, palm kernel oil, refined bleached and deodorant palm oil, olein, stearin, palm fatty acid distillate and palm kernel cake.

Speaking on behalf of shareholders, Bishop Goodluck Akpore commended the efforts by the board and management of Presco to boost the company’s operations.

He said shareholders were particularly impressed with the company’s resolve to pay dividend and sustain growth agenda.

Earlier in his address to shareholders, the Chairman of the company, Pierre Vandebeeck, explained that COVID-19 virus had had significant impact on global economies around the world, adding that “it is having accounting implications for many entities.”

He also disclosed that within the year under review, the construction of a new 350-tons-per-day palm kernel crushing plant was completed “and so also was the construction of a new 30 tons palm kernel boiler”.

According to him, construction work on the extension of the of palm oil mill from 60 tons fresh fruit bunches per hour to 90 tons was completed in January 2020.

The chairman said work on the new 500 tons per day vegetable oil refinery had been completed with its inauguration scheduled for this year.

Vandebeeck, who was represented by a director of the company, Osa Osunde, said, “Following the moves initiated by the Federal Government to check and fight the illegal importation and malpractices, the fourth quarter of 2019 witnessed a gradual recovery of average unit selling prices of crude and refined products from the hitherto downward pressure.

“As the year drew to a close, there was the emergence of the twin shocks of COVID-19 pandemic and global oil price crash that are of significant far reaching consequences for the national economy and businesses.

“COVID-19 in particular brought with it challenges to our lifestyle, culture, social interactions, among others. Without a doubt, the global, national and local business environment will likely become even unpredictable in the next months.”

Source: PUNCH.

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