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Presco nets N22.37bn revenue, declares N2bn dividend for shareholders

By Emma Amaize

BENIN—CHAIR-MAN, Board of Directors,  Presco Plc, Edo State, Pierre Vandebeeck,  yesterday, said the company witnessed significant revenue growth from N15.72 billion in 2016 to N22.37 billion in 2017, representing 42.3 per cent growth.

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Vandebeeck, who addressed shareholders at the 25th Annual General Meeting, AGM, said: “Profit after tax, after accounting for changes in fair value of biological assets, was N25.40 billion (2016: N21.74billion).

“Your board of directors has proposed a dividend of 200 kobo per share, which amounts to N2 billion only for shareholders’ approval subject to withholding tax at the appropriate rate.

“Fresh fruit bunches, ffb, harvested in 2017 was 169, 352 tons (2016: 164,513 tons crude oil palm produced was 37,637 tons (2016: 35,555 tons), refined, bleached and deodorized oil of 23,330 tons (2016: 28,506 tons) and olein and  stearin produced was 8,294 tons (2016: 10,946 tons).’

“ During the year under review, Presco Plc was certified to Food Safety System Certification, ISO 22000:2005 and Quality System Certification, ISO 9001:2015; passing both certification system at one go, a first in the SIAT group.

“We achieved a record oil palm planting of 3,600 hectares in 2017 and we are focused to continue the increase in our oil palm plantation and with the plan to plant an additional minimum 3,500 hectares in 2018.

“Work on the new refinery and fractionation  plant, palm kernel crushing plant and increase in installed capacity of the palm oil mill are expected to near completion by the end of 2018.

“Our RSPO certification audit will also  take place in 2018. Management is paying attention to instituting the appropriate structures that support the growth in our business in the medium and long term,” he added.

Different shareholders of the company, who spoke at the meeting, commended the chairman and management of the company for “fantastic performance.”

They also appointed/ re-elected directors of the company, including Vandebeeck, Osa Osunde, managing director, Mr Felix Nwabuko, J.B Erhuero, Shettima Mustafa, Mrs Marie Vandebeeck, Chief Bassey Edem, Aiguobasinmwin Akenzua and William Crockett, after the auditor, Deloitte, which was reappointed certified the account of the company.

 

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