Presco Plc Records Impressive Growth in fourth quarter of 2024, Posts N52.51 Billion Profit

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Presco Plc, a leading palm oil producer in Nigeria, has announced its unaudited financial results for the fourth quarter ended December 31, 2024, showing impressive growth in revenue and profit.

According to the results, Presco Plc recorded a standalone earnings per share (EPS) of N52.51 in fourth quarter of 2024, a significant increase from N9.39 in fourth quarter of 2023.

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The company’s revenue grew by 172.3% year-on-year to N60.97 billion in fourth quarter of  2024, driven by higher global palm oil prices, naira devaluation, and increased volumes.

The company’s gross margin declined to 61.2% in fourth quarter of 2024, due to higher cost of sales, which grew by 185.3%. However, operating expenses fell by 38.6%, resulting in a higher operating profit.

Presco Plc’s net finance charges also declined by 28.6%, driven by lower interest on lease liabilities. The company’s profit before tax (PBT) increased by 233.5%  to N60.97 billion in fourth quarter of  2024.

For the full year 2024, Presco Plc recorded an EPS of N104.28, a 217.3% increase from N32.86 in 2023. Revenue grew by 93.5% to N233.45 billion in 2024.

Market analyst’s noted that the impressive results demonstrate Presco Plc’s resilience and ability to navigate challenging market conditions, while maintaining its position as a leading player in the Nigerian palm oil industry.

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