Presco Plc has generated N207.5bn from palm oil refining and sales, the highest in its history.
Presco is one of Nigeria’s biggest indigenous palm plantations, palm oil mill, palm kernel
processing and vegetable oil refiner.
According to its books seen by THE WHISTLER, the company grew its revenue by over 100 per cent from the N102.4bn it generated in 2023.
Presco also doubled its profit from N32.4bn in 2023 to a record N77.8bn by the end of 2024.
As of December 2024, Presco’s material biological asset consists only of palm fruits coming from 6 existing estates palm trees
in Obaretin, Cowan, Ologbo, Sakponba, Elele and Ubima and a new subsidiary in Ghana.
In 2024, Presco Plc made an offer to SIAT NV (the ultimate parent company) to acquire 52 per cent or 70,580,000 ordinary shares of Ghana Oil Palm Development Company Limited (GOPDC) held by SIAT NV.
THE WHISTLER found that the deal was worth N103bn at a price of approximately
N1,459 for each ordinary share in GOPDC.
The company’s financial accounts for 2024 showed that Ghana Oil Palm Development Company Limited accounts for 8 per cent of the Group’s revenue.
The company also maintained a healthy financial position growing its assets from N187bn in 2023 to N475bn in 2024.
Its liability also rose from N113.2bn in 2023 to N263.9bn in 2024.
The development may be linked to bullish global crude palm oil (CPO) market.
A recent report by CardinalStone Research highlights a rise in global CPO supply to 79.5 million metric tons (MMt) in 2024/25, up from 76.2 MMt in 2023/24, largely driven by favorable weather conditions.
CardinalStone Research said, “The oil palm market this year is expected to maintain elevated CPO prices, particularly in the first half, driven by robust demand from biodiesel mandates, festive seasons, and geopolitical factors affecting some substitute oils.
“While supply improvements may temper prices in the latter half of the year, Nigeria’s local CPO prices are expected to remain high due to rising demand and sustained foreign exchange (FX) rates.”
Presco Plc Earns N207.5bn From Palm Oil Business In One Year is first published on The Whistler Newspaper
Source: The Whistler
