Presco Plc's Profit Surges to Record High in a Decade, Reflecting Strong Operational Performance
Presco Plc, a major palm oil producer in Nigeria, has experienced a remarkable increase in profit, reaching a record high in a decade. The company's profit before tax surged by 114% to N110.8 billion in the January-September period compared to N51.8 billion in the previous year.
This growth was attributed to improved agricultural yield, resilient market demand, and cost management. The company's total income also rose by 42.4%, with revenue from its Edo-based palm oil operations increasing significantly.
Presco's board of directors approved an additional interim dividend of N10 per share, reflecting confidence in the company's performance and commitment to rewarding shareholders. The company's strong financial results demonstrate its focus on operational strength, efficiency, and innovation in the Nigerian market.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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