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.
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.
