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Presco Plc, a Nigerian Oil Palm producer has seen a 140% surge in after tax profit for 2024, according to its audited financial statement.
Profit for the year came in at N77.79 billion, compared to N32.35 billion in 2023.
In respect of the current year, the Directors recommended a final dividend of N42 per 50 kobo share to the shareholders.
Presco engages in the development of oil palm plantations, palm oil milling, palm kernel processing and vegetable oil refining.
The products of the Company are: refined bleached and deodorized palm oil, palm olein, palm stearin, palm fatty acid distillate, crude palm oil, palm kernel oil (crude and refined) and palm kernel cake.
The Group’s products are sold directly to wholesalers, consumers and industrial users with majority located within the Country.
Some of these are: Nestle Nig Plc; Wamco Nigeria Plc; Chikki Food Industries; PZ Cusson Nigeria Plc; PZ Wilmar Ltd; Fan Milk Plc; Golden Pasta Company Ltd; Aspira Nigeria Ltd; KLK Emmerich GmbH; Promasidor; Primera foods; Orient foods; Beloxxi Industries Limited, Unilever Ghana, Chanrai Group (Blue Band) Ghana, Y&K Enterprises Limited Ghana and Dangote Group.
Total Group revenue for Presco was N207 billion in 2024.
Ghana operations
Ghana Oil Palm Development Company Limited accounts for 8% of the Group’s revenue. Ghana revenues came in at N30.47 billion.
The board of directors and management of Presco Plc made an offer to SIAT NV (the ultimate parent company) to acquire 52% of the 70,580,000 (Seventy million Five hundred and Eighty thousand) ordinary shares of Ghana Oil Palm Development Company Limited (GOPDC) held by SIAT NV for a consideration of N103 billion (One-hundred and Three Billion Naira).
This translates to a price of approximately N1,459 for each ordinary share in GOPDC. After the acquisition, GOPDC became a partly owned subsidiary of Presco Plc as outlined in the terms of the acquisition.
On 30 August 2024, a purchase agreement was concluded with SIAT NV (ultimate parent) covering the acquisition of Ghana Oil Palm Development Company Limited (GOPDC). The acquisition was completed after all necessary regulatory and administrative approvals were obtained.
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