OBARETIN (IKPOBA-OKHA) – Presco Plc has posted the sum of N2,605,302 as profit after tax for the year ended December 31, 2014 as against the N1,337,202,000 for preceding financial year representing a 7.69 percent increase over that of previous year.
During the same period, the value of the company’s total assets rose to N34,945,172,000 from the N32,663,299,000 of the 2013 financial year.
Reviewing the environmental factors under which the company operated in the 2014 financial year, the chairman, Board of Directors, Mr. Pierre Vandebeeck, said Presco continues to reap the dividends of her expansion programme of previous years saying that though the 2014 was a mixed years, even more challenging than 2013, the company navigated it very well.
This, he said was evident in its achieving increased agricultural yields and production levels in volumes of fresh fruit bunchies, crude palm oil; crude palm kernel oil and refined products while effectively managing competition, market and macro-economic conditions less favourable than the 2013 financial year.
Turn over gross profit and profit before tax, he said were higher than previous year by (8) eight, 39 and 47 percent respectively.
According to him, the year under review was also a year of further consolidation through continuous increase in strategic investments that secure the company’s pole position, while envisaging increasing challenges in market and macro-economic conditions in 2015.
However, Vandebeeck said the company’s management would concentrate on efficiency in the management of operating across the value chain and continue to pursue its planned long term industry leadership focus expansion programme.
As at December 2014, Presco Plc’s material biological asset, consists only in palm trees from three existing estates located in Obaretin, Cowan and Ologbo estates with mature palm trees for a total of 10,500 hectres; immature palm trees for a total of 3,559 hectres and pre-nursery and main nursery seedlings available to generate 1,800 hectres of planting.
Presco Plc was incorporated in Nigeria September 24, 1991 as Presco Industries Limited, a private liability company and became a public limited company in February, 2002.
It specializes in the cultivation of oil palm in the extraction, refining and franchising of crude palm oil into vegetable oil and palm stearin.