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