L-R - Company Secretary, Frederick Ichekwai; Independent Non-Executive Director, Amb. Nonye Udo; Independent Non-Executive Director, Iquo Ukoh; Chairman, Rasheed Sarumi; Non-Executive Director, Felix Nwabuko; Independent Non-Executive Director, Osayi Alile; Non-Executive Director, Abdul Bello; at Presco Plc's 2025 Annual General Meeting yesterday.
Strong 2024 performance and first-half 2025 momentum reinforce Presco’s position as West Africa’s leading edible oil busines
Presco Plc. (NGX: PRESCO), Nigeria’s leading fully integrated agro-industrial company, today held its 2025 Annual General Meeting (AGM) in Lagos, where shareholders approved the company’s audited financial statements for the year ended 31 December 2024, alongside key governance and business resolutions.
The meeting agenda included the declaration of a final dividend, approval of the audited financial statements, re-election of directors retiring by rotation, consideration of new board appointments, disclosure of remuneration, and other statutory and special business.
Presco delivered record growth in 2024. Revenue grew by 102.6% to ₦207.5 billion (2023: ₦102.4 billion), while Profit Before Tax surged 128.7% to ₦113.2 billion. Gross Profit rose by 120% to ₦142 billion, and EBITDA increased by 125.2% to ₦119.1 billion, underscoring the company’s strong operational discipline and ability to convert growth into shareholder value.
Earnings per share grew by 57.5% while Presco’s market valuation advanced 146%, reflecting strong investor confidence. Shareholders approved a final dividend of ₦42.00 per 50 kobo share (₦42 billion), payable on 19 August 2025, bringing returns in line with the company’s commitment to consistent value distribution.
In pursuit of sustained regional leadership, Presco PLC has set out an ambitious roadmap for the future. The company has set a new target to triple its area under cultivation, expand its footprint across West Africa and diversify its customer base to capture a larger share of Africa’s edible oils and fat market.
This growth strategy is designed to address a regional challenge of food security and drive shareholder value. Presco projects that its expansion could reduce edible oils and fat imports by around 40% in Nigeria and 30% in Ghana.
“Our ambition goes beyond today’s results.” Felix O. Nwabuko, the Group CEO, SIAT Group, said at the AGM. “Presco is building the future of Africa through agriculture. A future where we produce more of what we consume, reduce import dependence and create sustainable value chains that benefit farmers and the communities we are in.”
To catalyse its expansion strategy, Presco announced the acquisition of Ghana Oil Palm Development Company Limited (GOPDC) and Saro Oil Palm. These strategic acquisitions represent the first phase of its expansion roadmap and provides a strong foundation for regional scale, operational synergies and long-term profitability
During the AGM, Chairman Mr. Olakanmi Rasheed Sarumi also reaffirmed the company’s commitment to strong corporate governance, transparency, and sustainability:
“Our 2024 performance is a landmark in Presco’s journey. It demonstrates resilience in the face of economic pressures and validates our long-term strategy. As we expand our footprint in Nigeria and West Africa, we remain committed to delivering growth that is anchored in operational excellence, environmental stewardship, and shared prosperity with our stakeholders.”
For more information on the AGM and Presco Plc., visit www.presco-plc.com
About Presco Plc.
Presco is a fully integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining and fractionation plant. It also has an olein and stearin packaging plant and a biogas plant to treat its palm oil mill effluent – the first of its kind in West Africa. Presco specialises in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products. As the Nigerian market leader for specialty fats and oils, Presco also supplies specialty fats and oils of outstanding quality to customer specifications and assures a reliability of supply of its products year-round. This is made possible by the integrated nature of the company’s production process.
