Presco Plc has released its financial statement for the quarter ended June 30, 2025, reporting a pretax profit of N53.2 billion, up 156% from N20.7 billion recorded in the same quarter last year.
This strong performance lifted the company’s half-year pretax profit to N111.8 billion, representing a 121.76% increase from H1 2024.
The impressive profit growth came on the back of a sharp rise in revenue.
Revenue in the second quarter surged 130.79% year-on-year to N104.9 billion, pushing total half-year sales to N198.7 billion, nearly double the N88 billion recorded in H1 2024.
- All of the company’s revenue came from the sale of crude and refined palm oil products.
- Nigeria accounted for the bulk of sales at N146.4 billion, while Ghana contributed N52.2 billion in H1 2025.
While the cost of sales rose by 30.36% to N17.8 billion in Q2, strong topline growth ensured that gross profit increased to N87.1 billion, up from N31.7 billion a year earlier.
The company also reported a spike in operating expenses, especially administrative costs, which grew by 207.17% to N23.2 billion in Q2.
- Still, operating profit increased to N60.7 billion, more than double the N22.7 billion posted in Q2 2024.
Finance costs also rose, mostly driven by interest on loans, which jumped 319.27% to N8.9 billion.
Despite this, net income grew strongly to N41.1 billion in Q2, reflecting a 177.59% increase from last year.
Presco’s balance sheet showed continued growth, with total assets up 29% to N612.9 billion.
- Retained earnings also rose sharply to N220.6 billion, from N126.7 billion as of December 2024.
Speaking on the company’s outlook, Managing Director Reji George said:
“Looking ahead, we are well-positioned to sustain this momentum, with our robust operational capacity and strategic initiatives expected to drive continued growth and value creation for our stakeholders.”
Key Highlights (Q2 2025 vs Q2 2024)
- Revenue: N104.9 billion (+130.79% YoY)
- Cost of Sales: N17.8 billion (+30.36% YoY)
- Gross Profit: N87.1 billion (+174.02% YoY)
- Administrative Expenses: N23.2 billion (+207.17% YoY)
- Operating Profit: N60.7 billion (+167.22% YoY)
- Finance Cost: N8.9 billion (+319.27% YoY)
- Pre-tax Profit: N53.2 billion (+156.27% YoY)
- Total Assets: N612.9 billion (+29.02% YoY)
As of the close of trading on July 29, 2025, shares of the company were priced at N1,550, with a year-to-date return of 226.32%.
