In a remarkable display of financial prowess, Presco Plc, a titan in the agro-industrial sector, has unveiled its audited financial results for the fiscal year concluding on December 31, 2024, revealing a staggering revenue increase exceeding 100%.
The company, listed on the Nigerian Exchange Limited, reported a revenue leap of 102.6%, climbing from N102.42 billion in 2023 to an impressive N207.5 billion in 2024, underscoring its dominant position in the edible oil market across West Africa.
The financial statement, a testament to Presco’s strategic resilience, detailed equally striking growth in profitability metrics. Profit Before Tax soared by 128.7%, escalating from N49.49 billion in the prior year to N113.22 billion in 2024. Meanwhile, Profit After Tax recorded an even more substantial uptick, rising 140.4% to N77.79 billion, compared to N32.35 billion in 2023.
Further bolstering its financial narrative, Presco’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) surged by 125.2% year-on-year, reaching N119.1 billion in 2024, up from N52.9 billion in the previous fiscal period.
Reji George, the Managing Director and Chief Executive Officer of Presco Plc, attributed the exceptional performance to the company’s unwavering commitment to its strategic objectives despite navigating a challenging macroeconomic environment.
In his statement, George expressed profound gratitude to the company’s investors, business partners, and workforce, whose collective efforts were pivotal in driving these results. He emphasized that Presco’s ability to remain steadfast in its focus and organizational resilience enabled it to achieve significant operational milestones throughout the year.
A pivotal moment in 2024 was Presco’s strategic acquisition of a 52% stake in Ghana Oil Palm Development Company Limited in August, a move aligned with its broader growth ambitions. The financial consolidation of this entity’s results for the final four months of the year further strengthened Presco’s performance. Looking ahead, the company plans to deepen its control over the Ghanaian subsidiary in 2025, signaling continued expansion in its operational footprint.
This acquisition has fortified Presco’s standing as a fully integrated agro-industrial conglomerate, encompassing oil palm plantations, palm oil mills, a palm kernel crushing plant, and a vegetable oil refining and fractionation facility, alongside its subsidiaries, Siat Nigeria Limited and Ghana Oil Palm Development Company Limited.
George highlighted that the financial achievements reflect Presco’s capacity to deliver substantial returns to shareholders through a blend of operational efficiency and agricultural excellence.
The company’s revenue milestone of N207.5 billion not only cements its leadership in the West African edible oil sector but also aligns with its vision to emerge as Africa’s largest, most profitable, and sustainable edible oil enterprise. Furthermore, Presco remains dedicated to fostering shared prosperity, prioritizing the well-being of its employees, local communities, and broader stakeholder network.
The 2024 results mark a defining chapter in Presco’s growth trajectory, showcasing its ability to transform challenges into opportunities while reinforcing its commitment to sustainable and profitable operations.
As the company continues to execute its strategic roadmap, its focus on innovation, efficiency, and stakeholder value positions it as a formidable leader in the agro-industrial landscape, poised for even greater accomplishments in the years ahead.
