FMDQ Exchange lists Presco’s N50bn bonds

FMDQ Securities Exchange Limited (FMDQ), the registration, listing, quotation, and trading of financial securities has announced the approval for the listing of Presco Plc’s N34.50 billion Series 1 Fixed Rate Bond under the N50.00 billion Bond Issuance Programme on its platform.

According to the Exchange in a statement, as a securities exchange with a commitment to facilitate growth and development in the Nigerian debt capital market and economy at large, FMDQ Exchange continues to show its commitment to promoting/ an efficient, transparent, and well-regulated market, which attracts and retains both domestic and foreign investors, through the provision of a world-class listing and quotation service, amongst others, in line with its mandate.

Revenue increased by 94.53 per cent year-on-year (Y-o-Y) from N7.93billion in Q1 2021 to N15.42billion in Q1 2022.Cost of sales rose by 111.79 per cent from N1.51billion in Q1 2021 to N3.20billion in Q1 2022.Gross profit increased by 90.46 per cent from N6.42billion in Q1 2021 to N12.22billion in Q1 2022.

Finance costs grew by 133.75 per cent to N689.42million compared to N294.94million in Q1 2021.

Profit before tax increased by 72.37 per cent from N4.95billion in Q1 2021 to N8.53billion in Q1 2022.

The asset turnover ratio rose from 0.48X to 3.02X.

Total Assets grew by 61.08 per cent from N76.22billion in Q1 2021 to N122.75billion in Q1 2022Total debt rose by 125.56 per cent to N27.99billion. Basic Earnings Per share rose by 51.56 per cent from N3.84k to N5.82k.

Presco Plc is a fully-integrated agro-industrial establishment that specialises in the cultivation of oil palm plantations and milling and crushing palm kernels to produce a range of refined vegetable oil. It also has olein and stearin packaging and biogas plants to treat its palm oil mill effluent.