Connect with us
nairametrics
UBA ads

Business News

Presco’s half-year revenue dips by 9.5%

Presco Plc, a palm-oil processing and agro-industrial firm, has disclosed that the company’s revenue for 2019 Half-Year dipped by 9.5%, moving from N11.6 billion at Half-Year 2018 to N10.5 billion at the end of June this year.

Published

on

Presco financial statement, Presco shares on NSE

Presco Plc, a palm-oil processing and agro-industrial firm, has said the its revenue for 2019 Half-Year dipped by 9.5%, moving from N11.6 billion in 2018 to N10.5 billion at the end of June this year.

The Company’s Board of Directors announced this in its interim financial statements for the period under review, posted on the website of the Nigerian Stock Exchange (NSE) on Wednesday.

UBA ADS

[READ ALSO: World largest ‘atmospheric tower’ leaves China for Dangote refinery]

Presco’s Profit After Tax (PAT) took a similar turn, shedding 32.3% or N973.1 million within the two periods. In specific terms, it nosedived from the 2018 figure of N3.9 billion to N3 billion in 2019.

Presco financial statement, Presco shares on NSE

One of Presco’s production facilities

GTBank 728 x 90

Beyond the conspicuous drop in Presco’s turnover, an upsurge in the firm’s Selling, General and Administrative Expenses by as much as N431.2 million contributed to the fall in its bottom-line. It leapt from N3 billion in 2018 to N3.5 billion in 2019, a 14% rise as a matter of fact. In essence, Presco’s operational efficiency worsened during the period, causing its spending on the day-to-day running of business to increase significantly. 

Also responsible for Presco’s slump in profit was considerable growth in the firm’s Financial Expenses. From N603 million in 2018, it hit N997.810 million in 2019, signalling a 65.5% jump.

[READ ALSO: International Breweries Half-Year loss rises again, soars by 101%]

Deal book 300 x 250
onebank728 x 90

The drop in the company’s PAT had negative implications on its Earnings Per Share (EPS), which tumbled from N3.99 to N3.02, representing a 24.3% decrease.

What you need to know:  Earnings Per Share is the profit that each unit of a company’s ordinary share yields during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares. Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.

Presco currently trades on the floor of the Nigeria Stock Exchange at N44.80 per share.

app
GTBank 728 x 90

Patricia

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

Click to 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.

Energy

FG approves new board for NLNG, BGT

The change was necessary because the current board members had been in office since 2005.

Published

on

Federal Government has approved the newly reconstituted boards of Nigeria Liquified Natural Gas(NLNG) and Bonny Gas Transport Limited (BGT).

This was disclosed in a statement issued by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Monday.

UBA ADS

According to him, the new board, which was approved by President Muhammadu Buhari, was necessary because the current board members had been in office since 2005.

He disclosed that the new board members for the NLNG include Dr Edmund Daukoru as Chaiman, Mr Henry lkem-Obih as a Member and Dr Rabiu Sulaiman as a Member.

Other Members include the Group Managing Director of the Nigerian National Corporation (NNPC), Malam Mele Kyari and the Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu.

GTBank 728 x 90

He also said that Daukoru was also approved as the President of the Board of BGT while Doyin Akinyanju and Abdul Abba are members.

The minister noted that Kyari and Nabasu were also members of the board.

“I will like to use this opportunity to thank the chairman and other outgoing board members of NLNG for steering the companies to record successes, particularly the Train 7 FID.

onebank728 x 90

“l wish the exiting members good health and more successes in their future endeavors.

“To the incoming members of the board, I congratulate you on this appointment; your selection is based on your experience, integrity and expertise.

“I, therefore,urge you to bring all these to bear in the discharge of your responsibilities in line with the progressive agenda of Mr President,” he said.

app
GTBank 728 x 90

The News Agency of Nigeria(NAN) reports that some of the new board members had worked in the industry in the past.

Daukoru was a former Minister of State for Energy and also Secretary General of the Organisation of the Petroleum Exporting Countries in 2006.

He became the Amayanabo, or traditional ruler, of Nembe Kingdom in 2008.

devland

Also, Ikem-Obih was a former Chief Operating Officer, Downstream of the NNPC and Rabiu a former Group Executive Director at the corporation.

app
Patricia
Continue Reading

Hospitality & Travel

Passengers can now arrive 90 minutes before departure for domestic flights – FG

Published

on

international passengers, Coronavirus: FG enforces immediate screening of travellers at airports with new directive

The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.

This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.

UBA ADS

The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.

In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’

GTBank 728 x 90

 

It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.

onebank728 x 90
Patricia
Continue Reading

Economy & Politics

Seyi Makinde Proposes N3 billion investment plan for water supply

The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG. 

Published

on

Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.

Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.

UBA ADS

All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.

The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.

Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.

GTBank 728 x 90

Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.

 

onebank728 x 90
Patricia
Continue Reading
Advertisement
Wealth.ng
Advertisement
Advertisement
Patricia
Advertisement
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
devland
Advertisement
devland
Advertisement
Advertisement
financial calculator
Advertisement
devland
Advertisement
app
Advertisement