Presco to sustain expansion agenda, dividend policy

By citybusinessnews@yahoo.com – 

   Presco Plc has pledged to sustain ongoing expansion agenda as part of measures to generate more job opportunities and create value for shareholders.

   A key player on the Nigerian Stock Exchange (NSE), Presco Plc specialises in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products.

  With head office in Edo State, Nigeria, the company was at the weekend honoured with an award for its sustained dividend payment policy in the last ten ears at the maiden edition of dividend payment awards for Nigeria’s listed companies.

   Speaking at the event put together by Third Observers Nigeria Limited, Tony Uwajeh, Administration/Relationships Manager of Presco Plc said the company is to sustain ongoing expansion drive in the interest of all stakeholders.

 Accompanied by Company Secretary, Patrick Uwadia, Uwajeh explained that the company is to also consolidate on its dividend payment policy which commemced over ten years ago.

     In 2010 Presco increased its refinery/fractionation capacity to 100 tonnes per day. This was needed to cope with increased production from the plantation, and increasing demand from customers. A state of the art 100Ton/day Fractionation and Jerry-can filling Plant was commissioned in 2014. A further expansion to 500 tonnes per day refinery is foreseen by the end of 2019.

 Speaking earlier, Chairman of the event, former Vice-Chancellor of the University of Lagos, Prof, Oyewusi Ibidapo-Obe advised Nigerians to invest more in the stack market.

 Explaining further, he said: “I believe with more companies listed in stock market, we can turn around the fortune of our country and minimise our dependence on crude oil.

“I do appreciate what is happening in the  capital market presently and it is an opportunity for investors to invest in it.

“I am using this opportunity to commend Third Observer for rewarding companies that are paying their shareholders dividends, this will encourage more companies.”

  Also honoured were  Flour Mills of Nigeria Plc (Gold Award), Total Nigeria Plc, Julius Berger Nigeria Plc, Berger Paints Nigeria Plc and Guaranty Trust Bank Plc (Silver Award category) and

 Access Bank Plc. Learn Africa Plc, AG Leventis Nigeria Plc and May and Baker Nigeria Plc (Bronze Award).

  While commending all stakeholders, Vice Chairman, Third Observer Nigeria Ltd, Sir Sunny Nwosu said the purpose of the award was to encourage more companies to pay their shareholders and by extension boost investment in the market.

   The management of Presco Plc recently commended staff for their contributions to the growth of the company over the years.

  Speaking at a colourful party to end the year 2017, the Managing Director, Felix Nwabuko conveyed the company’s recognition of its human resources as key to achieving organizational goal.

 This he stated was a unanimous submission by top management of the Siat Group at the group’s 2018 Budget Planning Meeting held in November, 2017.

  He further asserted that Presco staff constituted the greatest asset of the company.

  Describing the supremacy of the human resources over machines, Nwabuko said: “As beautiful as the machines and equipment are, if you and I are not there, they will remain dormant”.

Highpoint of the ceremony was the presentation of awards to members of staff, who for their outstanding performance during the year received different categories of award.

  Notable among them are the recipients of the MD’s Special Award, the 3rd, 2nd, and Overall Best Awards.

Mr. Nasidi Abubakar, a tank farm operative in Production Department received the 3rd Best Award for his integrity, honesty and diligence at his very sensitive duty post.

 Also, Mr. Felix Aroh, Assistant Plantation Manager, bagged the 2nd Best Award for his immense and key contributions toward the record breaking cultivation of 3,658Ha in 2017 alone at the company’s new Sakponba Estate.

 The Food Safety and Quality Management System (FSQMS) team received the Overall Best Award for their dedicated, unrelenting and diligent effort toward securing the first-ever ISO 9001:2015 Quality Management certification for the company.

  Meanwhile, Presco received the prestigious Pearl Awards Nigeria as the Highest Profit Margin Ratio Award in the Market Excellence Category for companies quoted on the Stock Market in 2017 PEARL Awards.

 Indeed, as noted by the Managing Director, the end of year party was a celebration of hard work, which was a result of the resilience of staff and the support of both the board and its technical partners – nv Siat sa, whose combined efforts helped to overcome internal and external challenges the company had to contend with in the concluded year.

Photo Caption: Director, External Relations, Securities and Exchange Commission (SEC), Henry Rowland, (Left), Tony Uwajeh (Middle) and Company Secretary, Patrick Uwadia, receieving the award onbehalf of Presco Plc at the weekend in Lagos.

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