…champions food security, accelerates market growth

Nigeria’s leading fully integrated agro-industrial company, Presco Plc, has acquired Ghana Oil Palm Development Company Limited, GOPDC, and Saro Oil Palm.

Presco projects that its expansion could reduce edible oils and fat imports by around 40 per cent in Nigeria and 30 per cent in Ghana.

The company disclosed this at its 2025 Annual General Meeting, AGM, in Lagos, where shareholders approved the company’s audited financial statements for the year ended December 31, 2024.

Presco reported strong performance in the period in 2024, recording a 102.6 per cent increase in revenue to N207.5 billion, compared to ₦102.4 billion in 2023. Profit Before Tax grew by 128.7 per cent to ₦113.2 billion, while Gross Profit rose by 120 per cent to N142 billion. EBITDA also climbed 125.2 per cent to N119.1 billion, reflecting the company’s operational discipline and its ability to translate growth into enhanced shareholder value.

Earnings per share grew by 57.5 per cent while Presco’s market valuation advanced 146 per cent, reflecting strong investor confidence. Shareholders approved a final dividend of N42.00 per 50 kobo share (N42 billion), payable on August 19, 2025, bringing returns in line with the company’s commitment to consistent value distribution.

Addressing newsmen at the AGM, Group CEO, SIAT Group, Felix Nwabuko, said: “Our ambition goes beyond today’s results. Presco is building the future of Africa through agriculture. A future where we produce more of what we consume, reduce import dependence and create sustainable value chains that benefit farmers and the communities we are in.”

On his part, Chairman of the company, Mr. Olakanmi Sarumi, also reaffirmed the company’s commitment to strong corporate governance, transparency and sustainability.

He said: “Our 2024 performance is a landmark in Presco’s journey. It demonstrates resilience in the face of economic pressures and validates our long-term strategy. As we expand our footprint in Nigeria and West Africa, we remain committed to delivering growth that is anchored in operational excellence, environmental stewardship and shared prosperity with our stakeholders.”