Presco Plc has reported a pre-tax profit of N113.2 billion for the year ended 31 December 2024, as outlined in its recently published audited financial statements on the Nigerian Exchange (NGX).
This figure represents a substantial 128.74% increase compared to the N49.4 billion recorded in the previous year, driven by a significant surge in revenue.
Full-year revenue more than doubled, reaching N207.5 billion, which is a 102.60% increase from the prior year’s figure of N102.4 billion.
- Of the total revenue, sales of crude and refined products accounted for the majority at N207.4 billion, while mill by-products contributed the remaining N11.7 million.
- Regionally, sales in Nigeria accounted for 85% of total revenue, amounting to N177.03 billion, while Ghana contributed the remaining N30.4 billion.
At the same time, the cost of sales increased by 72.92%, rising to N65.5 billion compared to N37.8 billion reported the previous year.
- Despite this spike in costs, gross profit grew by 120.04%, reaching N141.9 billion, up from N64.5 billion.
Furthermore, the group’s gains from biological assets rose to N28.9 billion, marking a year-over-year growth of 136.85%. This contributed to the 114.56% increase in core operations profits, which reached N125.7 billion.
The group also revealed its recommendation of a final dividend of N42 per 50 kobo for registered members, pending approval at the Annual General Meeting.
Key highlights
- Revenue: N207.5 billion, +102.60% YoY
- Cost of sales: N65.5 billion, +72.92% YoY
- Gross profit: N141.9 billion, +120.04% YoY
- Gains on biological asset revaluation: N28.9 billion, +136.85% YoY
- Operating profit: N125.7 billion, +114.56% YoY
- Pre-tax profit: N113.2 billion, +128.74% YoY
- Total Assets: N475 billion, +153.97% YoY
- Retained earnings: N126.7 billion, +73% YoY
As of April 8, 2025, PRESCO is priced at N785, reflecting a year-to-date performance of 65.3% in the Nigerian stock market. In the previous year, 2024, the stock achieved a year-to-date performance of 136.8%.
