Presco Plc, Nigeria’s leading fully integrated edible oil producer, reported a 97.6% increase in profit before tax (PBT) to ₦58.6 billion in the first quarter (Q1) ended March 31, 2025.
This was higher than the ₦29.7 billion reported in the same quarter of 2024, according to the unaudited financial statement obtained on the Nigerian Exchange Limited (NGX).
The performance was driven by substantial growth in revenue, improved production output and tight operational controls across its value chain.
Revenue, Profit and Operating Metrics
Presco revenue surged by 120.4% year-on-year to ₦93.8 billion, up from ₦42.5 billion in Q1 2024 to reflect stronger sales volumes and improved pricing in both local and export markets.
This momentum translated into a gross profit of ₦86.1 billion, a 154.8% increase from ₦33.8 billion in the previous year.
Operating profit rose by 117.6% to ₦69.1 billion, driven by margin expansion, strong cost containment and enhanced processing efficiency.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose by 117.9% to ₦71.6 billion, up from ₦32.8 billion in Q1 2024.
However, interest expenses rose sharply by 359.3% to ₦10.5 billion, compared to ₦2.3 billion in the same period last year.
The increase is linked to higher financing costs and the impact of exchange rate volatility on the company’s foreign-denominated obligations.
Despite the increased interest burden, Presco’s profit after tax grew by 97.8% year-on-year to ₦47.6 billion.
The company’s earnings per share also rose by 97.8% to ₦4.76 from ₦2.41 in Q1 2024.
Balance Sheet Position
Presco’s total assets rose by 15.5% to ₦548.6 billion from ₦475.1 billion that was filed at the end of FY 2024. This growth reflects ongoing capital investments in plantation expansion and processing infrastructure as well as higher inventory levels.
Current assets rose by 36.1% to ₦232.4 billion, driven by increased cash and receivables from strong Q1 sales.
Total liabilities also expanded by 40.1% to ₦369.6 billion, up from ₦263.9 billion recorded in FY 2024, primarily due to increased trade payables and short-term financing obligations.
Shareholders’ equity declined by 15.3% to ₦178.9 billion, down from ₦211.2 billion in FY 2024.
Q1 2025 Financial Summary (₦ million)
Income Statement
Statement of Financial Position
Outlook
Presco’s Q1 2025 results underscore the company’s ability to sustain profitable growth in a challenging macroeconomic environment. The edible oil manufacturer has managed to scale its operations while optimizing cost efficiencies, placing it in a strong position to deliver continued performance throughout the year.
Management Statement
Commenting on the performance, Reji George, Managing Director of Presco Plc, stated, “Our Q1 2025 results mark a defining moment in our growth trajectory. Achieving ₦58.6 billion in Profit Before Tax reflects not only the strength of our integrated business model but also the dedication of our team and the trust of our stakeholders. We have maintained strong momentum through disciplined execution, operational excellence, and a focus on sustainable value creation.”
“As we look ahead to the rest of 2025, we are confident in our ability to deliver strong results, strengthen our leadership in the edible oil sector, and continue building long-term value for our shareholders.”
Conclusion
With significant gains in revenue, profitability, and operational efficiency, Presco Plc is reaffirming its status as a top-tier agribusiness in Nigeria.
The company’s Q1 results point to a strong start in 2025, with prospects of surpassing its full-year performance from the previous fiscal year.
Continued investments in its integrated model and prudent financial management are likely to support sustainable growth and shareholder returns in the quarters ahead.
