Presco Plc has said it is targeting to achieve N24.525 billion turnover for the fourth quarter of 2020. In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE), the firm also projected to rake in N9.129 billion for profit before tax and N6.993 billion for profit after tax during the stipulated period.
Its projection for cost of sales stood at N10.349 billion. Presco posted 70.55 per cent increase in profit after tax for the half year ended June 30, 2020. According to a report obtained from the Nigerian Stock Exchange (NSE), the unaudited financial result for the half year showed profit after tax of N4.390bn from N2.574bn recorded in 2019, accounting for a growth of 70.55 per cent. Profit before tax stood at N5.770bn in 2020 from N3.440bn a year earlier, representing an increase of 67.73 per cent. Revenue equally grew to N13.458bn during the period under review from N10.404bn in 2019, amounting for an increase of 29.35 per cent while cost of sales stood at N4.416bn from N3.560bn in 2019.
Presco posted 15.88 per cent drop in profit after tax for the first quarter ended March 30, 2020. The unaudited financial result for the first quarter showed profit after tax of N1.800bn from N2.140bn recorded in 2019, accounting for a drop of 15.88 per cent. Profit before tax stood at N2.353bn in 2020 from N2.576bn a year earlier, representing a decline of 8.66 per cent. Revenue equally declined to N5.375bn during the period under review from N5.506bn in 2019, amounting for a decrease of 2.38 percent while cost of sales stood at N4.199bn from N4.382bn 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). Vandebeeck explained that the deal would enable his company to develop smallholder oil palm farms using technology. This, he said was why Presco was contracted as the company has a technology of multiplying seeds, called in-vitro culture. Presco boss disclosed that the company plans to create a special company in Nigeria for the propagation and distribution of high yielding planting materials