Shareholders of Presco Plc on Wednesday unanimously voted for the Board of Directors of the company to pay dividend worth N2billion for the financial year ended December 31, 2020 despite various challenges.

The shareholders gave the approval at the company’s 28th Annual General Meeting (AGM) held by proxy at Obaretin Estate, Ikpoba-Okha Local Government Area, Edo State.

The meeting was held by proxy in accordance with COVID-19 protective guidelines issued by World Health Organisation (WHO), Nigerian Centre For Disease Control (NCDC), Edo State Government and Corporate Affairs Commission (CAC).

Speaking on behalf of shareholders, Bishop Goodluck Akpore, Chairman, Onitsha Zone Shareholders Association commended efforts by the board and management of Presco Plc to boost the company’s operations.

Read also: FTN Cocoa to seek shareholders’ approval for N1.4bn capital raise

The shareholders were particularly impressed with the company’s resolve to pay dividend and sustain growth agenda despite challenges including Covid-19 pandemic.

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Bishop Akpore also used the opportunity to commend the Managing Director of the Company, Felix Nwabuko for his dedication to the growth of the company.

Earlier in his address to shareholders, Paul Cardoen, chairman, Presco Plc said the year under review came with significant challenges.

“But we are happy that the fundamentals of our business remained strong which enabled us to emerge a better business for it and achieve the improved operational and financial result we present to you today (Wednesday)”, Cardoen added.

Presco Plc revenue for the year ended December 31, 2020 was N23.89billion, a 21 percent increase on N19.72billion recorded in 2019.

The company realised a gross profit of N16.088billion, a 26 percent increase on N12.72billion recorded in 2019 and 37 percent increase in profit after tax (after accounting for changes in fair value of biological assets.

On his part, Nwabuko used the opportunity to assure shareholders and other stakeholders of a better future for Presco Plc in terms of growth and profitability.

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By Iheanyi Nwachukwu • July 28, 2021

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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