Presco Plc has recorded a profit after tax of N110.8bn for the nine months ended September 30, 2025, representing a 114 per cent increase from the N51.8bn posted in the corresponding period of 2024.
The company’s unaudited financial statement filed with the Nigerian Exchange Limited showed that revenue surged to N274.5bn from N128.6bn recorded in the same period of 2024, reflecting a 113.6 per cent rise, driven by improved production capacity, favourable pricing, and increased market demand for its refined palm oil products.
Following this record performance, the Board of Directors has approved a second interim dividend of N10 per share.
Cost of sales rose to N72.4bn from N36.1bn in the same period of 2024, leaving Presco with a gross profit of N202.1bn, almost double the N92.5bn recorded in the prior year. Administrative expenses grew to N40.5bn from N21.4bn, while selling and distribution costs stood at N3.1bn compared to N1.8bn in the corresponding period.
Operating profit before finance costs and income stood at N166bn, representing a 120 per cent growth from N74.9bn in 2024. Finance income increased to N3.7bn from N575m, while finance costs also rose to N30bn from N8.4bn, reflecting the impact of higher borrowing rates and expanded operations.
Profit before tax amounted to N139.7bn, compared to N67.1bn recorded in the same period of 2024, while tax expenses stood at N28.9bn. Consequently, profit for the period settled at N110.8bn, up from N51.8bn a year earlier.
A breakdown of the company’s balance sheet showed that total assets climbed to N612.8bn as of September 2025, compared to N475.1bn as of December 2024. Non-current assets rose to N336.7bn from N304.3bn, driven mainly by a N16.6bn increase in property, plant and equipment, which rose to N290.4bn.
Current assets also grew to N276.1bn from N170.8bn, reflecting significant increases in cash and bank balances to N93bn from N31.4bn and inventories to N53.1bn from N30.7bn. Biological assets rose slightly to N74.7bn from N70.5bn, while trade and other receivables increased to N55.3bn from N38.1bn.
On the liabilities side, total obligations jumped to N410.6bn from N263.9bn as borrowings surged to N159.8bn from N55.4bn, highlighting the company’s growing financial commitments to fund expansion and operations.
Shareholders’ equity stood at N202.2bn compared to N133.4bn as of December 2024, buoyed by higher retained earnings, which grew to N195.5bn from N126.7bn.
Presco’s Managing Director, Reji George, attributed the company’s strong performance to sustained investments in plantation expansion, increased local refining capacity, and efficient cost management despite inflationary pressures.
“Presco’s nine-month year-to-date performance reflects not just strong numbers but the strength of our model in an evolving Nigeria. As the country navigates new economic realities, our consistency and focus continue to stand out. We have stayed disciplined in execution, translating efficiency and innovation into real, measurable growth,” he said.
