By Michael Eboh & Chinedu Ibeabuchi

The Nigerian Stock Exchange (NSE) has called on stakeholders in the agricultural sector to take advantage of the funding opportunities available in the Nigerian capital market to boost productivity.

Mr. Oscar Onyema, Managing Director/Chief Executive Officer, NSE, made the request during the presentation of facts behind the figures of Presco Plc at the NSE, Lagos, saying that the capital market holds the ace necessary for the agriculture sector to take its pride of place in the Nigerian economy.

He noted that the sector cannot rely solely on short term funds, given the capital intensive nature of large scale agricultural production.

He said efforts should be made by stakeholders in the agriculture sector to grow the sector using long term funding opportunities which is only available in the capital market.

Also speaking, Mr.Uday Pilani, Managing Director/Chief Executive Officer, Presco Plc, disclosed that the company has consistently provided profit margins and returns on investment.

He said the share value of the company has risen by 150 per cent in the last eighteen months just as it has consistently paid dividend since listing on the NSE in 2002.

Taking a cursory look at the company’s financial report, Mr. Uday said 2012 has been a defining year for Presco Plc.

“We are now a mature palm company with assured profits and turnover. Our financial highlight shows that Profit after Tax in 3rd quarter 2012 stood at N2.186 billion compared to N1.523 billion recorded in Q3 2011. A total of N6.876 billion was recorded as turnover in contrast to N5.728 billion in same quarter 2011. Using the International Financial Reporting Standard, the company’s total assets stands at N26.45 billion compared to N24.817 billion in 2011,” he said.

Mr. Uday noted that the company is West Africa’s 1st fully integrated oil palm establishment with plantations, oil palm mill, refinery and fractionation plants, as well as the leading agro-allied company in the Nigerian vegetable oils and specialty fats market.

In its efforts to develop the agricultural sector in the country, Mr. Uday said the company is actively involved in research programmes through regular development of high yielding variety of palm Seedlings; leading role in the efforts to develop the national interpretation for Round Table on Sustainable Palm Oil (RSPO), in Nigeria; and concerted investment in rubber cultivation.