Agro-allied giant Presco Plc (NGX: PRESCO) announced to the Nigerian Exchange (NGX) that the Court of Appeal (Benin Judicial Division) delivered a unanimous judgment on August 21, 2026, setting aside in its entirety an earlier Federal High Court interlocutory order that had disrupted its corporate actions.
The appellate judgment in Appeal No. CA/B/220/2025 overturned the December 11, 2025 ruling by the Federal High Court (Suit No. FHC/B/CS/37/2024). The lower court order had previously restrained the company from giving effect to resolutions passed at its August 19, 2025 Annual General Meeting (AGM), halted its SEC-approved rights issue, and directed capital market regulators to suspend recognition of its share allotments.
With all three issues resolved in Presco’s favor and the lower court’s orders discharged, the company’s 2025 AGM resolutions, share allotments, and capital-raising program remain valid, subsisting, and fully enforceable.
Presco Plc kicked off 2026 with first-quarter revenue up 7.5% year-on-year to ₦100.9 billion, propelled by Nigeria’s 13.2% surge to ₦84.4 billion via higher crude palm oil (CPO) prices and volumes—though Ghana’s segment fell 14.5% to ₦16.5 billion.
Cost of goods sold dropped 4.8% to ₦9.6 billion, driven by lower raw material use (₦153 million vs. ₦2.1 billion), lifting gross margin 1.2 points to 90.5%.
Earnings before interest and tax margin slipped to 71% from 73.7%, pressured by 2.1% operating expense growth to ₦15.8 billion and ₦6.4 billion exchange losses (vs. ₦184 million gain).
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