Presco proposes N0.10 as dividend despite 63% fall in profit

Presco Plc, on Friday in a filing on the Nigerian STock Exchange (NSE), announced a 63.55 per cent drop in profit for the financial year ended December 31, 2013, with the company’s profit after tax (PAT) for the year standing at N1.29 billion.

This is compared with N3.55 billion achieved as pre-tax profit in the preceding period of 2012.

The company’s profit before tax dropped to N2.33 billion compared with N3.88 billion achieved in 2012, a decrease of 39.78 per cent.

Its revenue also dipped by 24.59 per cent to N8.49 billion as against the N11.25 per cent declared in 2012.

In spite of the company’s poor balance sheet, Presco proposed a dividend of 10k per share compared with N1 per share they paid in 2012.

However, the company’s shareholders’ funds grew from N17.09 billion achieved in 2012 to N17.38 billion during in the period under review.

The company’s total assets surged to N32.66 billion from N28.01 billion in 2012.