Presco Plc, Nigeria’s leading integrated agro-industrial company, delivered a strong performance for the financial year ended December 31, 2024.
According to the company’s audited financial statement released on Tuesday, revenue rose by 102.6 percent to N207.5 billion from N102.4 billion in 2023 due to the company’s expanded processing capacity and improved operational efficiency in the period under review.
Gross profit grew by 120 percent to N141.98 billion while operating profit increased by 114.6 percent to N125.8 billion.
Profit before tax stood at N113.2 billion, representing a 128.7 percent increase from N49.5 billion recorded in the previous year.
Profit after tax advanced by 140.4 percent to N77.8 billion from N32.4 billion, while EBITDA rose by 125.2 percent to N119.1 billion. EBITDA margin improved to 57.4 percent from 51.6 percent.
Earnings per share increased from 3,235 kobo to 7,607 kobo.
Interest expenses rose by 39.3 percent to N12.79 billion. Still, the company was able to maintain profitability through disciplined cost management and sustained top-line growth.
Total assets rose by 154 percent to N475.1 billion from N187.1 billion in 2023. However, the company’s total liabilities increased by 133.3 percent to N263.9 billion and shareholders’ equity grew by 185.7 percent to N211.2 billion.
Current assets closed the year at N170.8 billion, up 149.2 percent, while current liabilities stood at N174.8 billion, reflecting a 386.4 percent increase. Retained earnings rose by 73 percent to N126.7 billion.
The company reported a return on assets of 23.5 percent, up from 20.3 percent, while return on equity moderated to 54.6 percent from 59.9 percent. Pre-tax profit margin improved to 54.6 percent from 48.3 percent.
Commenting on the performance, Mr Reji George, Managing Director and CEO of Presco Plc, 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 organizational efforts. This approach has led to remarkable growth across our operations.
We acquired 52 percent 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.”
The acquisition aligned with Presco’s strategy to strengthen its regional presence and enhance long-term growth through market expansion and increased agro-processing capacity across West Africa.
