Presco Plc, a prominent Nigerian oil palm producer, is poised to solidify its industry leadership with ambitious expansion plans and a remarkable track record of production. The company recently celebrated a record-breaking production year in 2024, the highest in its operational history, a testament to the resilience and dedication of its workforce. This achievement underscores the effectiveness of Presco’s operational strategies and its commitment to optimizing production processes. The company’s Managing Director, Reji George, attributed this success to the collective efforts of the entire Presco team, highlighting the instrumental roles played by the production, processing, and sales departments. This collaborative spirit, coupled with the support of stakeholders, has enabled Presco to consistently exceed expectations and maintain its position at the forefront of the oil palm industry.
A cornerstone of Presco’s future growth is the planned completion of a new mill at its Ato Estate by 2025. This strategic investment is expected to significantly enhance the company’s production capacity and efficiency, further solidifying its market dominance. The new mill represents a commitment to innovation and modernization, allowing Presco to capitalize on the increasing demand for palm oil products. This expansion aligns with the company’s broader vision of sustainable growth, emphasizing responsible resource management and environmental stewardship. The Ato Estate mill project is a tangible demonstration of Presco’s long-term commitment to investing in its future and contributing to the economic development of Nigeria.
The company’s impressive financial performance further validates its strategic direction and operational excellence. Presco Group Plc reported a substantial profit after tax of N38.8 billion for the first half of 2024, a remarkable 157% year-on-year growth compared to the N15.1 billion recorded in the same period of the previous year. This significant increase in profitability highlights the company’s robust financial health and its ability to generate substantial returns for its investors. This financial success reinforces Presco’s commitment to delivering value to its shareholders while continuing to invest in its future growth and expansion.
Presco’s Managing Director, Reji George, expressed deep appreciation for the contributions of all stakeholders, including employees, shareholders, customers, and the leadership team. He commended the unwavering dedication and professionalism of the staff, acknowledging their crucial role in driving the company’s remarkable achievements. George also recognized the guidance and support provided by the Chairman, Olakanmi Sarumi, and Group Chief Executive Officer, Felix Nwabuko, emphasizing the importance of strong leadership in achieving the company’s strategic objectives. This collaborative environment fosters a culture of shared success, motivating employees to contribute their best and driving the company’s continued growth and prosperity.
Looking ahead, Presco remains committed to sustainable growth, innovation, and maintaining its leadership position in the oil palm industry. The company recognizes the importance of continuous improvement and adaptation to the evolving market dynamics. By prioritizing teamwork, embracing technological advancements, and fostering a culture of excellence, Presco aims to further strengthen its competitive advantage and deliver long-term value to its stakeholders. The company’s focus on sustainable practices ensures its operations remain environmentally responsible and contribute positively to the communities in which it operates.
Presco’s success story demonstrates the power of a cohesive team, strategic leadership, and a commitment to excellence. The company’s record-breaking production in 2024, coupled with its ambitious expansion plans and strong financial performance, positions it for continued growth and success in the years to come. Presco’s dedication to its employees, its commitment to sustainable practices, and its focus on innovation will continue to drive its progress and contribute to its long-term prosperity. The company’s future trajectory appears bright, promising continued value creation for its stakeholders and a positive impact on the Nigerian economy.
