Presco posts over 100% revenue

Leading agro-industrial giant Presco Plc has announced a remarkable financial performance for the year ended December 31, 2024, posting over 100% growth in both revenue and profit.

According to the company’s audited financial statements filed with the Nigerian Exchange Limited, revenue rose by 102.6 per cent to N207.50bn compared to N102.42bn in 2023.

The financial results also showcased significant growth in profitability. Presco recorded a 128.7 per cent surge in Profit Before Tax, rising from N49.49bn in 2023 to N113.22bn in 2024. Profit after Tax also saw a notable increase of 140.4 per cent to N77.79bn from N32.35bn.

Similarly, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) witnessed a substantial 125.2 per cent year-on-year growth, reaching N119.1bn in 2024 from N52.9bn in the previous year.

According to the Managing Director/Chief Executive Officer of Presco Plc, Mr Reji George, these results were achieved due to the company’s strategic focus, resilience, and organisational efforts in the face of macroeconomic challenges.

He said, “We are deeply grateful for the continued trust of our investors, business community and dedicated workforce, who have been instrumental in achieving these exceptional results.

Against macroeconomic factors faced during the financial year under review, we remained undeterred in our strategic focus, resilience, and organisational efforts. This approach has led to remarkable growth across our operations.

“We acquired 52 per cent of Ghana Oil Palm Development Company Limited in August 2024 pursuant to our strategic growth objectives with further consolidation of our control of that entity in 2025. This sterling performance reflects Presco’s capacity to continually deliver exceptional returns to its shareholders through a combination of operational efficiency and agricultural excellence. Presco’s revenue increased by 102.6 per cent to N207.5bn to cement its position as the leading edible oil business in West Africa. In line with its growth strategy, Presco is committed to enacting shared prosperity for its employees, communities and stakeholders to enable it to emerge as Africa’s largest, most profitable and sustainable edible oil business.”

 Ghana Oil Palm Development Company Ltd was acquired in August 2024, and the four months’ results of that entity were consolidated.

Presco Plc, together with its subsidiaries, Siat Nigeria Limited and Ghana Oil Palm Development Company Limited, is a fully integrated agro-industrial establishment with oil palm plantations, palm oil mills, a palm kernel crushing plant and a vegetable oil refining and fractionation plant.