Connect with us
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business News

Presco ticks box on major plan to check competition

Published

on

Presco Plc Oil Production

Presco Plc is committed to its investment efforts which are aimed at boosting profitability and ensuring increased returns to their stakeholders. The oil palm production company recently earmarked some fifteen thousand [15,000] hectares of land for cultivation in 2018, in its first step at also checking competition.

According to Mr. Felix Nwabuko, Presco’s Managing Director, the expansion efforts are also in tandem with the policies of the Edo State Government and the Federal Government of Nigeria to reposition the Agric sector as one of Nigeria’s main sources of revenue generation.

Presco is investing in green energy production through our biological assets – our plantation. -Felix Nwabuko

More details about Presco’s expansion efforts

Information available on the company’s website has it that Presco recently concluded the acquisition of 17,600Ha in Edo State, where it plans to plant oil palm and rubber.

Already, the company [in 2013] upgraded its processing capacity from 40 to 60 tonnes per hour in order to ensure efficiency. By 2016, more upgrades were carried out in the production mill, such that it began to produce 90 tonnes per hour, even as some “four (4) units of fully automated tilting sterilizers” were installed and commissioned.

These are just a few of the many investments the company is making to improve production/processing capacities, as well as storage.

Other possible reasons for the expansion

Asides the afore-mentioned reasons, it is apparent that Presco Plc is also expanding in order to remain relevant in the market. The company currently faces stiff competition from Okomu Oil Palm Plc and PZ Wilmar, two of the biggest oil palm production/processing companies in the country. These companies are equally making serious investments, taking advantage of available resources and expanding the market.

Late last year, it was reported that Okomu Oil Palm Plc has finalised plans to invest the sum of $45m towards the construction of the largest oil palm mill in Africa.  The company also in January this year, began the process of commissioning its Extension 2 Estate at Ovia North East LGA in Edo State. According to its recently published financial year report, it earned ₦20.2 billion in the year ended December 2017. It currently has a market share price of ₦72.70.

PZ Wilmar is equally undergoing expansions and better positioning its self to lead the market. While it may not present much competition to Presco (with a share price of 22.30, it is still a competitor nonetheless.

Meanwhile, Presco Plc has a market share price of ₦72.00 as at 4th of April, 2018. This puts it slightly below Okomu Oil Palm Plc; a clear indicator as to why its expansion efforts are indeed necessary. 

The company is yet to release its financial statement for the year ended December 2017. A statement released on its website apologized to stakeholders for the delay and gave August 13th as the latest date to make public its 2017 financial statement.

Presco Plc is a subsidiary of Siat s.a, a Belgian agro-industrial company which owns 60% stakes in it. It was originally incorporated in 1991 as a private liability company but became a PLC in 2002. It is a wholesome agro-allied company, engaged in the plantation, harvesting, and processing of palm fruits. Its stocks are very much traded on the floor of the Nigerian Stock Exchange.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

1 Comment

1 Comment

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Spotlight Stories

    Tip Jar, Twitter’s new giveaway feature that lets users send money to you

    Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

    Published

    on

    US Elections: Twitter, Facebook suspend several news accounts

    Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

    According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

    The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

    Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

    READ: Facebook is creating an audio chat product similar to Clubhouse

    You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

    Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

    The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

    Hotflex

    READ: Does YouTube stand a chance against TikTok?

    Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

    Twitter has tested several features and more will be rolled out soon.

    Continue Reading

    Business

    Customs Apapa Command generates revenue of N65.4 billion in April

    This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

    Published

    on

    Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

    The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

    This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

    What Ibrahim Yusuf is saying

    “This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

    In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

    READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

    This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

    Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

    He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

    What you should know

    Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.