Presco gets shareholders approval to pay N2bn dividend for 2018

For the financial year ended December 31, 2018, shareholders of Presco Plc on Wednesday July 24 approved for the Board of Directors to pay N2billion dividend, amounting to 200kobo per share.

The company within the year under review recorded N21.34billion revenue and Profit After Tax (PAT) of N4.3billion.

While addressing shareholders on Wednesday in Benin, Edo State during the Company’s 26th Annual General Meeting (AGM), chairman of the company, Pierre Vandebeeck explained that Fresh Fruit Bunches (FFB) harvested was 191,672tons, as against 169,325tons in 2017 while Crude Palm Oil (CPO) produced was 42,893tons, compared to 37,637tons in 2017.

According to the chairman, Refined, Bleached

and Deodorized Oil (RBDO) produced was 21,726 tons, adding that at the end of the year 2018, total oil palm plantation hectare stood at 23,592 hectare with additional planting of 4,020 hectares.

The Managing Director, Felix Nwabuko also assured the shareholders of a bright future based on ongoing expansion and investments.

Speaking during the meeting, shareholders commended the Board and Management for sustaining the company’s growth despite challenges.

Goodluck Akpore of the Onitsha Zone Shareholders Association commended what he described as the dedication of Board.

Making reference to the Board Charman, he said: “You are a man that we must respect and honour. We are proud of your leadership and performance”.

The company informed shareholders that the Host Communities Development Programme continued during the year under review, adding that “The focus was on education, roads, water, electricity and support to out-growers.”

Presco Plc in 2018 consolidated its growth agenda in 2018 with first class research institutions, national and international Universities.

“We are committed to Research and Development. It is at the forefront of our new planting material development and has been very successful in increasing the quality of FFB and Oil production per hectare.

“We continue to put efforts to be leader in Research and Development.

“The amount expended on Research and Development in the year under review was N608.3million (2017:N238.6million).

“We have collaborated with first class research organizations, national and international universities.

“Every year, the research activities are increasing activities are increasingly bringing us closer to our ambition of establishing Presco as a Centre of Excellence for oil palm cultivation and research in the West African region”, the company said.

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