Presco Plc, a leading agro-industrial giant specializing in oil palm cultivation and processing, has reported exceptional financial results for the fiscal year ending December 31, 2024. The company achieved remarkable growth in key financial metrics, surpassing its 2023 performance by a significant margin. Revenue soared by 102.6%, reaching N207.50 billion compared to N102.42 billion in the previous year. This surge in revenue underscores the company’s robust business model and its ability to capitalize on market opportunities. Profitability also witnessed substantial improvement, with Profit Before Tax escalating by 128.7% to N113.22 billion, up from N49.49 billion in 2023. Profit After Tax followed a similar trajectory, experiencing a remarkable 140.4% increase to N77.79 billion compared to N32.35 billion the previous year. These figures reflect the company’s operational efficiency and effective cost management strategies.
Presco’s impressive financial performance can be attributed to several factors, including its strategic focus, resilience in the face of macroeconomic challenges, and the dedicated efforts of its workforce. Mr. Reji George, the Managing Director/Chief Executive Officer of Presco Plc, emphasized the company’s commitment to these principles, which have enabled it to navigate the challenging economic landscape and deliver exceptional results. The acquisition of a 52% stake in Ghana Oil Palm Development Company Limited in August 2024 further bolstered Presco’s growth trajectory, contributing to the consolidated financial results. This strategic move aligns with Presco’s expansion plans and reinforces its position as a leading player in the West African edible oil market.
The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also exhibited significant growth, rising by 125.2% to N119.1 billion in 2024, compared to N52.9 billion in 2023. This metric highlights the company’s underlying profitability and its ability to generate cash flow from its operations. The four-month contribution from Ghana Oil Palm Development Company Limited, following its acquisition, was consolidated into Presco’s financial statements, further enhancing the overall performance.
Presco Plc’s robust financial results underscore its commitment to delivering exceptional returns to shareholders. The company’s strategic focus on operational efficiency and agricultural excellence has enabled it to achieve significant growth and solidify its position as a leading edible oil business in West Africa. Furthermore, Presco is dedicated to enacting shared prosperity for its employees, communities, and stakeholders. This holistic approach aligns with the company’s long-term vision of becoming Africa’s largest, most profitable, and sustainable edible oil business.
Presco Plc, along with its subsidiaries, Siat Nigeria Limited and Ghana Oil Palm Development Company Limited, operates as a fully integrated agro-industrial establishment. Its operations encompass oil palm plantations, palm oil mills, a palm kernel crushing plant, and a vegetable oil refining and fractionation plant. This vertically integrated structure allows Presco to control the entire value chain, from cultivation to processing and refining, ensuring quality control and maximizing efficiency.
The company’s strategic acquisition of Ghana Oil Palm Development Company Limited has not only contributed to its financial growth but also expanded its geographical reach and market presence. This expansion aligns with Presco’s ambition to become a dominant force in the African edible oil industry. The company’s commitment to sustainable practices and shared prosperity further strengthens its position as a responsible corporate citizen, fostering positive relationships with its stakeholders and contributing to the overall development of the communities in which it operates. Looking ahead, Presco Plc is well-positioned for continued growth and success, driven by its strategic vision, operational excellence, and dedication to creating shared value for all its stakeholders.
