Presco shareholders approve N24.3bn dividend for 2023

Shareholders of Presco Plc have for the year ended December 31, 2023 approved dividend of N24.30 per share amounting to N24.3billion.

At the 31st Annual General Meeting (AGM) of Presco Plc in Lagos on Thursday, shareholders also authorised the company to raise additional capital through debt finance or equity raising or a combination as determined by directors.

The shareholders also empowered the Directors to invest indirectly or through its subsidiary, acquire assets, all or majority of the shares of a company/companies and entities in the same line of business with Presco Plc.

Together with the interim dividend of 200 kobo per 50 Kobo share, which amounted to N2billion, the total dividend for the year ended 31 December 2023 amounts to N26.30 per share amounting to N26.3billion.

Within the period under review, the Company’s revenue grew by 26.4 percent from N81.03billion in 2022 to N102.42 billion in 2023, while Profit After Tax reached N32.86 billion, “marking a significant increase of 152 percent from the previous year“.

While addressing the shareholders, Rasheed Sarumi, chairman Presco Plc explained that the Board is firmly committed to maintaining the highest standards of corporate governance in line with best practice.

He said:“ During the year, Grant Thornton Consultants, an international corporate consultant, repeated the annual Board Assessment and reviewed the Company’s corporate governance policies and procedures to monitor compliance.

“Their report forms part of the annual report and accounts as required by the Securities and Exchange Commission (SEC) Code and the 2018 National Code of Corporate Governance Practice.

The chairman assured the shareholders that Presco Plc is committed to leveraging the abundant business opportunities present within Nigeria and the ECOWAS sub-region to realise its strategic growth ambitions for the benefit of all stakeholders.

He said: “we will continue to strive for operational excellence, pursue substantial growth and uphold the highest standards of corporate governance“.

Also speaking at the event, Felix Nwabuko, Managing Director/ Chief Exective Officer assured shareholders and stakeholders of a rewarding future.