Presco Plc would be paying the sum of N2bn to shareholders as dividend for the year ended December 31, 2020.
This is in keeping with the shareholders’ resolution at the 28th Annual General Meeting of the company held Wednesday by proxies at Obaretin Estate, Ikpoba-Okha Local Government Area, Edo State.
The Chairman, Paul Cardoen, announced to the shareholders that the firm’s revenue increased by 21 per cent from N19.72bn in 2019.
He said, “We realised a gross profit of N16.08bn, a 26 per cent increase on N12.72bn of 2019 and 37 per cent increase in profit after tax (after accounting for changes in fair value of biological assets).
“In the same period, fresh fruit bunches harvested was 214,872 tonnes, crude palm oil produced was 45,467 tonnes, refined, bleached and deodorised oil produced was 19,486 tonnes and olein and stearin produced was 7,352 tonnes.
“Average unit selling prices of crude palm oil and crude palm kernel oil achieved increased marginally by 1.59 per cent and 1.15 per cent respectively year on year.
“Average unit selling prices of bulk sales of refined product (olein, stearin and RBDO) achieved in 2020 improved marginally by between 1.05 per cent and 1.37 per cent compared to 2019 while that of package refined products (olein and stearin) also improved marginally by 1.13 per cent and 1.27 per cent respectively.”
