Presco Plc. (NGX: PRESCO), Nigeria’s leading fully integrated agro-industrial firm, held its 2025 Annual General Meeting (AGM) in Lagos, where shareholders approved the company’s audited financial results for the year ending December 31, 2024, along with several key governance and business resolutions.
The agenda covered the declaration of a final dividend, approval of financial statements, re-election of directors due for rotation, consideration of new board appointments, remuneration disclosures, and other statutory and special matters.
Presco reported exceptional growth for 2024. Revenue climbed 102.6% to N207.5 billion, up from N102.4 billion in 2023. Profit Before Tax rose 128.7% to N113.2 billion, while Gross Profit increased 120% to N142 billion.
EBITDA surged 125.2% to N119.1 billion, highlighting the company’s strong operational performance and ability to turn growth into value for shareholders, according to Nairametrics.
Earnings per share were up 57.5%, and the company’s market value grew 146%, signaling robust investor confidence. Shareholders approved a final dividend of N42.00 per 50 kobo share (N42 billion) to be paid on August 19, 2025, aligning with the company’s commitment to steady returns.
Don’t Miss This:
Palm Oil Prices In Africa To Rise After Indonesia Raises Export Tax
Looking ahead, Presco is pursuing an ambitious expansion plan. The company aims to triple its cultivation area, extend its presence across West Africa, and diversify its customer base to capture a larger share of the region’s edible oils and fats market.
Presco projects that these moves could cut edible oil and fat imports by about 40% in Nigeria and 30% in Ghana.
“Our ambition goes beyond today’s results,” said Felix O. Nwabuko, Group CEO of SIAT Group, at the AGM. “Presco is building the future of Africa through agriculture. A future where we produce more of what we consume, reduce import dependence and create sustainable value chains that benefit farmers and the communities we are in.”
As part of this strategy, Presco announced the acquisition of Ghana Oil Palm Development Company Limited (GOPDC) and Saro Oil Palm. These deals mark the first stage of its expansion roadmap and are expected to deliver regional scale, operational efficiencies, and long-term profitability.
Chairman Olakanmi Rasheed Sarumi emphasized the company’s focus on governance and sustainability, saying: “Our 2024 performance is a landmark in Presco’s journey. It demonstrates resilience in the face of economic pressures and validates our long-term strategy. As we expand our footprint in Nigeria and West Africa, we remain committed to delivering growth that is anchored in operational excellence, environmental stewardship, and shared prosperity with our stakeholders.”
Don’t Miss This:
Image Credit: The Cable
