FMDQ Securities Exchange Limited (FMDQ), the registration, listing, quotation, and trading of financial securities has announced the approval for the listing of Presco Plc’s N34.50 billion Series 1 Fixed Rate Bond under the N50.00 billion Bond Issuance Programme on its platform.
According to the Exchange in a statement, as a securities exchange with a commitment to facilitate growth and development in the Nigerian debt capital market and economy at large, FMDQ Exchange continues to show its commitment to promoting an efficient, transparent, and well-regulated market, which attracts and retains both domestic and foreign investors, through the provision of a world-class listing and quotation service, amongst others, in line with its mandate.
Q1 2022 Key Highlights:
- Revenue increased by +94.53% year-on-year (Y-o-Y) from N7.93billion in Q1 2021 to N15.42billion in Q1 2022.
- Cost of sales rose by +111.79% from N1.51billion in Q1 2021 to N3.20billion in Q1 2022.
- Gross profit increased by +90.46% from N6.42billion in Q1 2021 to N12.22billion in Q1 2022.
- Finance costs grew by +133.75% to N689.42million compared to N294.94million in Q1 2021.
- Profit before tax increased by +72.37% from N4.95billion in Q1 2021 to N8.53billion in Q1 2022.
- The asset turnover ratio rose from 0.48X to 3.02X.
- Total Assets grew by +61.08% from N76.22billion in Q1 2021 to N122.75billion in Q1 2022
- Total debt rose by +125.56% to N27.99billion.
- Basic Earnings Per share rose by +51.56% from N3.84k to N5.82k.
What you should know
Presco Plc is a fully-integrated agro-industrial establishment that specialises in the cultivation of oil palm plantations and milling and crushing palm kernels to produce a range of refined vegetable oil. It also has olein and stearin packaging and biogas plants to treat its palm oil mill effluent.
The proceeds generated from the Presco Plc Series 1 Bond, which is co-sponsored by Stanbic IBTC Capital Limited (Lead Sponsor), CardinalStone Partners Limited and Quantum Zenith Capital and Investments Limited – all Registration Member (Listings) of the Exchange, will be used by the Issuer to refinance existing facilities from banks and to augment working capital requirements.
