Presco PLC has announced a full-year pre-tax profit of N128 billion in its latest financial report, released on the Nigerian Exchange (NGX) on January 31, 2025.
This marks a strong 156.05% increase in full-year pre-tax profit compared to the N50 billion reported for 2023, with the fourth quarter alone seeing an impressive N60.9 billion—up 233.46% from the N18.2 billion recorded the previous year.
Revenue for the fourth quarter was N69.5 billion, a substantial 172.34% increase from N25.5 billion in the corresponding quarter of 2023.
Total revenue for fiscal year 2024 reached N198.1 billion, a 93.48% increase from N102.4 billion in the previous year, with 90.2% of sales coming from Nigeria and the rest from Ghana.
A review of Presco’s full-year financial report reveals a notable revenue figure of N198.15 billion, marking a 93.48% increase from N102.4 billion in 2023.
However, the group faced a significant rise in cost of sales, which climbed 68.66% from N37.3 billion to N63 billion.
Despite the increased costs, Presco’s gross profit rose by 107.74% to N135 billion, up from N65 billion the previous year.
On a more positive note, Presco reported exchange gains of N6.1 billion for FY 2024, a 40.39% increase from the prior year. Additionally, the gain from biological asset revaluation increased by 102.86% to N24.8 billion compared to N12.2 billion reported in 2023.
Finance costs increased by 38.89% year-over-year to N12.7 billion, primarily due to N12 billion in loan interest. In contrast, finance income surged by 5,467.18% to N2.6 billion, a dramatic rise from N48.1 million the previous year.
Nevertheless, Presco’s full-year pre-tax profit increased by 156.05%, from N50 billion last year to N128 billion for FY 2024.
The company reported a total asset figure of N422 billion for the full year, compared to N170.3 billion in 2023.