Business

Presco targets N44.56bn turnover in Q34’21

Presco Plc has said it is targeting to achieve N44.566 billion turnover for the fourth quarter ended December 2021.

 

In Q4 earning forecast obtained from the Nigerian Exchange Limited (NGX), the firm also projected to rake in N19.603 billion for profit before tax and N14.510 billion for profit after tax during the stipulated period.

 

Its projection for cost of sales stood at N16.294 billion. Presco posted 37 per cent increase in profit after tax for the full year ended December 31, 2020.

 

According to a report obtained from NGX, the audited financial result for the financial year showed profit after tax of N5.263 billion from N3.838 billion recorded in 2019, accounting for a growth of 37 per cent. Profit before tax stood at N8.690 billion in 2020 from   N6.059 billion a year earlier, representing an increase of 43.42 per cent.

 

Revenue equally grew to N23.891 billion during the period under review from N19.723 billion in 2019, amounting for an increase of 21 per cent. Presco posted 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 N5.03bn 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 billon from N5.836 billion in 2019. 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 NGX, the unaudited financial result for the half year showed profit after tax of N4.390 billion from N2.574 billion recorded in 2019, accounting for a growth of 70.55 per cent. Profit before tax stood at N5.770 billion in 2020 from N3.440 billion a year earlier, representing an increase of 67.73 per cent.

 

Revenue equally grew to N13.458 billion during the period under review from N10.404 billion in 2019, amounting for an increase of 29.35 per cent while cost of sales stood at N4.416 billion from N3.560 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).

 

The Presco boss disclosed that the company plans to create a special company in Nigeria for the propagation and distribution of high yielding planting materials.

 

He said that Edo was regarded as a first choice location because of its ease of doing business as well as friendly government policies and hospitality in the state. Speaking on the partnership, Executive Governor, Edo State, Godwin Obaseki, stated that the development of the high-yielding seeds was necessary to make the business more profitable for farmers as oil palm had a long gestation period.

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