BENIN CITY – PRESCO Plc has predicted brighter business prospects for 2019, notwithstanding the uncertainties in the oil palm sector this year, following swings and volatility in world market prices.
Closing the 2018 business year with award of prizes to deserving staff who had contributed to creating more value and growth for the company, the Managing Director, Mr. Felix Nwabuko said it weathered the storm and sold more volumes this year (2018) than it did last year (2017).
“We sold more volumes this year than we did last year, irrespective of world market prices that is affecting things. We have been able to make a decent turn over” he had announced to staff, among them awardees, for a job well done.
He thanked the staff for contributing their quota without looking back, noting that while 2019 will not be an easy one, he promised however to consolidate on fundamentals of its business to come out stronger.
He said that the company had excelled in health, safety and environment and had made strides while plans were already on to expand its production capacity from 100 tons to 500 tons per day.
He disclosed that civil works for the expansion were on with equipment also on ground, besides a further expansion from 60 tons to 90 tons per hour for its palm kernel plant.
According to him, 3,600 hectares planted areas were made in 2017 and that in 2018 in midst of the challenges, it achieved over 4,000 hectares in planted areas.
“It has been a good year in the sense that our business is still going on and we hope that it can only get better. All in all, 2018 has been a very challenging year and the true measure of our capability is in our ability to deal with challenges that come our way no matter how diverse that they are, our ability to deal with them successfully is a great measure of our team building ability to do great things,” Nwabuko affirmed.
He added that the process is on top gear for the company to attain its RSPO certification (Round Table on Sustainable Palm Oil), saying all things are on course to deal with the non-conformities in the goal to achieving it.
