The recently released full year (FY) 2019 scorecard of Presco Plc revealed declines across its key top-to-bottom line figures. The unaudited result released to investors on the trading floor of the Nigerian Stock Exchange (NSE) show Presco revenue declined by 6.9percent to N19.88billion as against N21.34billion in 2018.
Presco Plc is a key player in the agricultural sector. At N52.25kobo its shares traded on the Nigerian Bourse on Thursday January 30, it represents 10percent increase year-to-date (Ytd).
Investors may have started pricing in the negatives in its scorecards as its shares later closed this trading week ended January 31 at N49.85, after losing N2.4 or 4.59percent.
The company which attained 200,000 metric tons of Fresh Fruit Bunches (FFB) showed readiness to achieve 250,000 tons in 2020. In the review year 2019, Presco recorded gross profit decline by 12.7percent to N14.49billion as against N16.59billion in full year 2018.
Its Profit Before Tax (PBT) printed lower by 12.7percent to N5.51billion as against N6.32billion PBT it recorded in 2018. Profit After Tax (PAT) of N3.93billion against N4.28billion in 2018 represents a decrease of about 8.2percent.
