Presco Plc has projected an 82.03% rise in Profit after Tax to N6.99 billion in Q4 2020, up from N3.84 billion in Q4 2019. Also, its projected turnover of N24.53 billion indicates a 24.39% increase when compared to the N19.72 billion made in Q4 2019.
The Earnings Forecast sent to the Nigerian Stock Exchange (NSE) today, estimated the Gross Profit to be N14.18 billion and the Profit before Tax to be N9.13 billion.
This forecast is coming amid the negative economic impacts of the coronavirus pandemic. It is generally expected that the firm should have downgraded their earnings and profitability forecasts, but renewed optimism based on the reopening of the economy and growing demands for consumer goods have been factors that influenced the projections.
Presco Plc had earlier held its Annual General Meeting, with the unaudited accounts for the tQ3 2020 ended September 30, 2020, were deliberated upon among other resolutions.
What you should know
Presco Plc is a fully-integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant, and vegetable oil refining plant. They produce specialty oil and fats.