Presco PLC posts over $50 million in earnings in 2024 as ownership transitions drive growth

Presco

At a Glance

Presco’s 2024 revenue jumped 102.6% to $133.53 million, reflecting strong demand and improved efficiencies across Nigeria’s integrated palm oil operations.
Net profit more than doubled to $50.04 million, despite foreign exchange losses, showing resilience and cost discipline under new Nigerian-led ownership.
Total assets surged 154% to $305.82 million, while equity rose 186%, positioning Presco for expansion and deeper regional market penetration.

Presco PLC, Nigeria’s leading integrated agro-industrial company specializing in palm oil production and refining, delivered a stellar performance in 2024, driven by surging revenues and strong operational efficiency.

The performance came in the same year ownership of the company transitioned fully from Belgian agro-industrial group SIAT SA to new Nigerian investors — Oak and Saffron Limited and Reefs and Coral Limited.

Record revenue and profit performance

In a breakout financial year, Presco’s revenue soared 102.6 percent to N207.5 billion($133.53 million), up from N102.42 billion($65.36 million) in 2023. The group’s net profit more than doubled, rising 140.45 percent to N77.79 billion($50.04 million), compared to N32.35 billion($20.8 million) in the prior year — highlighting significant margin expansion and efficient cost management across its operations.

The company maintained a strong bottom line amid a foreign exchange loss of N12.67 billion($8.15 million) tied to non-monetary position adjustments.

Ownership transition and dividend payout

In March 2024, Oak and Saffron Limited acquired 86.73 percent of Presco PLC through the purchase of SIAT SA’s majority stake. The remaining 13.27 percent was acquired in June by Reefs and Coral Limited, completing a 100-percent Nigerian-led takeover of the formerly Belgian-controlled agribusiness.

In light of the record performance, the Board of Directors proposed a final dividend of N42($0.027) per 50 kobo share, subject to shareholder approval at the upcoming Annual General Meeting (AGM) and the deduction of withholding tax.

Strategic foothold in Nigeria’s agro-industrial landscape

Presco PLC has cemented its role as a cornerstone of Nigeria’s agricultural value chain, with vertically integrated operations spanning oil palm cultivation, milling, kernel processing, and refining. This end-to-end model positions the company to tap into rising local demand, import substitution policies, and regional export opportunities across West Africa.

By year-end 2024, Presco’s strengthened balance sheet reinforced its capacity for sustainable growth and industrial-scale expansion. Total assets surged 154 percent to N475.1 billion ($305.82 million), while retained earnings rose 73 percent to N126.73 billion ($81.71 million).

Equity more than doubled, climbing 186 percent to N211.18 billion ($135.59 million) — a reflection of both organic growth and the strategic boost from its new Nigerian ownership.

Presco’s momentum underscores not just operational excellence, but renewed investor confidence and the enduring strategic value of Nigeria’s palm oil industry.

Feyisayo Ajayi

Feyisayo Ajayi is the Publisher and Co-founder of Shore Africa, the flagship media brand under the Travel Shore umbrella. He brings over a decade of multidisciplinary experience across media, finance, and technology. Feyisayo holds a bachelor’s degree in Geology from the University of Ibadan, Nigeria.