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Presco Plc has reported an impressive pre-tax profit of N113.2 billion for the year ended 31 December 2024, marking a significant 128.74% increase compared to the N49.4 billion recorded in the previous year. This surge in profit was driven by a sharp rise in revenue, which more than doubled to N207.5 billion, reflecting a 102.60% growth from N102.4 billion in 2023. The bulk of the revenue came from the sale of crude and refined products, which accounted for N207.4 billion, while mill by-products contributed the remaining N11.7 million.
Regionally, Presco’s sales were heavily driven by the Nigerian market, which accounted for 85% of total revenue, totalling N177.03 billion. Sales in Ghana contributed the remaining N30.4 billion. Despite the increase in sales, the company experienced a 72.92% rise in the cost of sales, which rose to N65.5 billion from N37.8 billion the previous year.
However, the company saw substantial growth in its gross profit, which climbed by 120.04% to N141.9 billion, up from N64.5 billion. Additionally, Presco reported gains from the revaluation of its biological assets, which amounted to N28.9 billion, marking a 136.85% increase year-on-year. This contributed to a 114.56% rise in operating profit, which reached N125.7 billion.
The company also recommended a final dividend of N42 per 50 kobo for its registered members, subject to approval at the Annual General Meeting.
The group’s total assets surged by 153.97% to N475 billion, while retained earnings grew by 73% to N126.7 billion. As of 8 April 2025, Presco’s stock price stood at N785, reflecting a 65.3% year-to-date performance in the Nigerian stock market. In 2024, the company’s stock had achieved a robust year-to-date performance of 136.8%.
