Presco Plc has posted 83.27 per cent increase in profit after tax for the 12 months ended December 31, 2020.
According to a report obtained from the Nigerian Stock Exchange (NSE), the unaudited financial result for the year showed profit after tax of N7.034 billion from N3.838 billion recorded in 2019 (audited), accounting for a growth of 83.27 per cent.
Profit before tax stood at N8.945 billion in 2020 from N6.059 billion a year earlier, representing an increase of 47.63 per cent Revenue equally grew to N23.909 billion during the period under review from N19.723 billion in 2019, amounting for an increase of 21.22 per cent. Presco reported 56.40 per cent increase in profit after tax for the nine months ended September 30, 2020.
The unaudited financial result for the nine months showed profit after tax of N5.03 billion from N3.22 billion recorded in 2019, accounting for a growth of 56.40 per cent.
Profit before tax stood at N6.577 billion in 2020 from N4.356 billion a year earlier, representing an increase of 50.98 per cent. Revenue equally grew to N18.917 billion during the period under review from N15.197 billion in 2019, amounting for an increase of 24.48 per cent while cost of sales stood at N6.999 billion from N5.836 billion in 2019.
Presco, a palm-oil processing firm listed on the Nigerian Stock Exchange recently signed a partnership deal with the Edo State Government to develop high yielding oil palm seeds in the state. The project is part of the Edo State Oil Palm Programme (ESOPP