Presco Plc doubles revenue, posts N113.2bn pre-tax profit for 2024
…Proposes N42 final dividend
Presco Plc has announced a pre-tax profit of N113.2 billion for the financial year ending 31 December 2024, according to its newly released audited financial statements filed with the Nigerian Exchange (NGX).
This marks a remarkable increase of 128.74 percent compared to the N49.4 billion posted in the previous year, fuelled by a sharp upswing in revenue.
Total revenue for the year more than doubled, reaching N207.5 billion — a 102.60 percent rise from the N102.4 billion recorded in 2023.
A significant portion of this income came from the sale of crude and refined products, which brought in N207.4 billion. Mill by-products contributed a comparatively modest N11.7 million.
Breaking down the revenue by region, domestic sales in Nigeria made up the bulk of the figure, accounting for 85 percent — approximately N177.03 billion — while operations in Ghana generated N30.4 billion.
Alongside the strong revenue growth, the company also reported an increase in cost of sales, which climbed by 72.92 percent to N65.5 billion, compared to N37.8 billion in the prior year.
Nevertheless, gross profit rose significantly by 120.04 percent, coming in at N141.9 billion, up from N64.5 billion.
The group also saw a strong boost from gains on its biological assets, which reached N28.9 billion — an increase of 136.85 percent year-on-year.
These developments helped propel profits from core operations to N125.7 billion, a jump of 114.56 percent from the previous year’s results.
In addition, the company disclosed its intention to recommend a final dividend of N42 per 50 kobo share for shareholders on record, subject to approval at the forthcoming Annual General Meeting.
As of 8 April 2025, Presco shares are trading at N785, reflecting a year-to-date market performance of 65.3 percent on the Nigerian Exchange.
Looking back to 2024, the stock delivered an impressive year-to-date return of 136.8 percent — a performance that underlines investor confidence and Presco’s strong positioning within the agribusiness sector.
