WorldStage Newsonline– Shareholders of Presco Plc held its 29th Annual General Meeting (AGM) on Wednesday by proxy at Obaretin Estate, Ikpoba-Okha Local Government Area, Edo State and approved a total dividend of N7.5 billion for the financial year ended Dec. 31, 2021.
The dividend translated to N7.50 per share, an increase of 380 per cent, when compared with amount paid in 2020.
The company had declared a final dividend of N6.6 biillion having paid an interim dividend of N1 billion to the shareholders.
Speaking on behalf of shareholders, Bishop Goodluck Akpore, Chairman, Onitsha Zone Shareholders Association, commended the board and management of the company for the outstanding result which he described as impressive performance.
The Managing Director of the company, Mr Felix Nwabuko, advised investors to take advantage of the huge opportunities in the sector.
Nwabuko commended shareholders and staff of the company for contributing to the growth recorded in 2021.
Earlier in his address, a member of the board, Mr Osa Osunde, who presided over the meeting, explained that the company within the year under review posted a revenue of N47.43 billion
Osunde said the revenue represented a 98.5 per cent increase when compared with N23.89 billion recorded in 2020.
“The company also recorded gross profit of N31.75 billion, which is 97.4 per cent higher than the N16.08 billion of 2020.
“Profit after tax (after accounting for changes in fair value of biological assets) stood at N19.32 billion, a 267.2 per cent increase over N5.26 billion achieved in 2020.
He explained that following the final commissioning of the new vegetable oil plant, Presco Plc achieved remarkable higher production level of refined oils and fats.
“I am happy to report that the hope we expressed last year concerning the final commissioning of the new 500 tonnes per day vegetable oil refinary materialised.
“The final commissioning was achieved in March 2021, and we have recorded significant positive impact in added value derived from the increased production and sales of refined oils and fats,” Osunde said.
He noted that Refined, Bleached and Deodorised Oil (REDO) produced last year was 46,237 tonnes compared with 19,486 tonnes in 2020 while Olein and Stearin produced was 17,912 tons as against 7,352 tonnes in 2020.
Osunde said: “60,694 tonnes of crude and refined products were sold during the year under review compared to 52,178 tonnes in 2020.
“In the same period, fresh fruits bunches harvest grew by 8.6 per cent to 233,521 tonnes compared to 214,872 tonnes in the previous year (2020).
“Crude Palm Oil (CPO) produced was 53,775 tonnes compared with 45,489 tonnes in 2020“.
According to him, average unit selling prices of crude palm oil and crude palm kernel oil achieved increased by 58 per cent and 89 per cent year-on-year, respectively.
He said that average unit selling prices of bulk sales products (olein, Stearin and RBDO) achieved in 2020 improved by between 45 per cent and 51 per cent compared to 2020.
He added that packaged refined products (Olein and Stearin) also improved by 41 per cent and 21 per cent, respectively. “We will continue to diligently pursue the execution of our strategy and driving our focus on environmental, social and governance matters,” Osunde said.