Presco Plc has reported 17% decline in its Profit after Tax for the period ended March 31st, 2019. According to the company’s results released to the market on Monday 3rd June, 2019 the bottom line figures for the period under review stood at N2.140 billion after dropping from N2.597 billion recorded in Q1 2018.
The company ended the period with N5.506 billion total Revenue to close 16.45% lower than N6.590 billion recorded in 2018
The group’s earnings per share dropped also by 17.58% from 260 kobo to 214 kobo in the current period of Q1’19.
The agro industrial company however has its current PE Ratio standing at 27.09x with about 3.69% earnings yield for an equity price of N58.00, it closed last
During the seventies, the Government of the then Bendel State of Nigeria (which was divided into two states: Edo State and Delta State in 1991) initiated a programme for the development of oil palm cultivation with the financial support of the World Bank. The state-owned Oil Palm Company Ltd (OPC) established Obaretin Estate and planted 1,150 hectares between 1975 and 1980. The plantation is located in the Ikpoba-Okha Local Government Area of Edo State at km 22 on the Benin City-Sapele road, south of Benin City.
nv Siat sa became involved in Presco in 1991, at which time there were 2,700 hectares planted at Obaretin Estate. Under Siat’s management, a new expansion programme commenced from 1993 and an additional 3,000 hectares was planted at Obaretin Estate. The total planted area at 31 August 2017 was 5,599 hectares.
In 1996 Presco acquired the 2,780 hectare Cowan Estate at Ajagbodudu, Delta State, from the Delta State Government-owned Oil Palm Company Ltd.
In 2002, Presco acquired 6,000 hectares from Edo state government and another 1,500 hectares from other parties making a total of 7,500 hectares in the Ologbo Estate.Other subsequent acquisitions in Ologbo brings the estate to a conccession of 13,000 hectares.
The company’s operations are fully integrated with plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining plant. It is the only fully integrated operation in Nigeria.