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Presco reports N5 billion profits in 9M 2020, up by 56.4% from last year

Presco Plc’s revenues increased to N18.92 billion in 2020, from N15.20 billion in 2019.

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Presco, oil Palm, gainers and losers

Presco Plc continues on the path of growth as the company’s core business segment, which includes the sales of Crude Palm oil (CPO) improved.

The results revealed continued growth in profits, as profit after tax grew by 56.4% to N5.03 billion in the period under review.

This information is contained in Presco’s financial statements for the nine months that ended on 30th September, which was made available to the investing public today.

READ: PZ Cussons suffers a pre-tax loss of N7.984 billion in 2020

READ: GTBank, Access Bank, 11 others pay workers N271.64 billion in H1 2020

Key highlights for 2020 9M

  • Revenues increased to N18.92 billion in 2020, from N15.20 billion in 2019.
  • Cost of Sales increased to N7.00 billion in 2020 from N5.84 billion in 2019.
  • Gross Profit increased to N11.92 billion in 2020 from N9.36 billion in 2019.
  • Selling and distribution costs decreased to N274 million in 2020 from N325 million in 2019.
  • Finance cost decreased to N1.22 billion in 2020 from N1.32 billion in 2019.
  • Pre-tax profits increased to N6.58 billion in 2020 from N4.36 billion in 2019.
  • Earnings Per Share increased to N5.03 in 2020 from N3.22 in 2019.

(READ MORE: Active bank accounts in Nigeria surge to 111.5 million as COVID-19 drives account opening)

Bottom Line
Presco Plc continues on the path of growth as the company’s core business segment, which includes the sales of Crude Palm oil (CPO) improved markedly during the period under review.

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This impressive performance can be attributed to a mix of revenue optimization and cost minimization strategy, deployed by the management of the company.

READ” Briscoe Motors: Pioneer dealer of Toyota automobile in Nigeria suffers N1.27billion loss

This is evident in the decline in Selling and distribution costs, as well as, the reduction in Finance cost, which led to the 56.4% increase in profits in the period under review.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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