Shareholders of Presco Plc, on Wednesday, approved payment of 200kobo dividend, amounting to N2Billion for the year ended December 31, 2017.
Endorsing the dividend payment during the 25th Annual General Meeting (AGM) held at the company’s premises along Benin-Sapele road, Edo State, the shareholders also commended the Board, Management and Staff for remaining on the path of profitability despite challenges.
Addressing the shareholders, Chairman of the Board of Director, Pierre Vandebeeck informed shareholders that the company witnessed another year of significant revenue growth from N15Billion in 2016 to N22.3Billion in 2017, representing 42.3 per cent growth.
Also within the period under review, Profit after tax was N25.40Billion as against N21.74Billion in 2016 while Turnover stood at N22.3Billion as against 15.7Billion in the previous year.
The Chairman explained that Fresh Fruit bunches harvested in 2017 was 169,325 tons compared with 164,313 tons in 2016.
According to the chairman, Crude Palm Oil produced was 37, 637 tons as against 35,555 tons while , “Refined, Bleached and Deodorized oil 23,330btons (2016:28,505 tons) and clean produced was 37,637 tons”.
Making reference to future plans, the chairman said: “We have put our hands to the plough and can not go back. We achieved achieve a record oil palm planting of 3,600 ha in 2017 and are focused to continue the increase in our palm plantation with the plan to plant an additional minimum 3,500 ha in 2018.
“Work on the new refinery and fractional plant, palm kernel crushing plant and increase in installed capacity of the palm oil mill are expected to near completion by the end of 2018.
“Our RSPO certification audit will also take place in 2018. Management is paying attention to instituting the appropriate structure that support the growth in our business in the medium and long term”.
Speaking during an interactive session with Journalists in Benin City, Edo State,recently, Managing Director of the company, Mr. Felix Nwabuko explained that with the cultivation of over 8,000 hectares in two years, it will take just another year to get the full plantation ready.
According to the MD, the company has cultivated its new 3600 hectares in Orhionmwon Local Government, adding that “’This year we intend to plant on 4000 hectares. If we can do 100, 000 hectares in Edo State, we will do it.”
Nwabuko explained that the company’s 15,000 hectares expansion project is as a result of the far-reaching reforms being implemented by the Edo State Government in the agriculture sector.
Nwabuko said: “The deliberate effort and reforms initiated by the Godwin Obaseki led-administration and the Federal Government, to prioritise agriculture as an alternative means to derive economic growth, are highly commendable.”
He lauded Governor Obaseki’s initiative to make land available for investors, who are ready to invest in the people and other resources in Edo State. He noted, “I am excited that the state government is mapping out land through the Geographic Information Service (GIS) initiative, for allocation of land for investors who mean business in the state. We expect that state government would speed up the process.”
Nwabuko said the reforms contributed to the company plan to expand its operations, noting, “PRESCO is investing on green energy production through our biological assets, our plantation. Last year, we planted on 3600 hectares, in our new location in Orhionmwon Local Government Area. This year we intend to plant on 4000 hectares. If can do 100, 000 hectares in Edo State, we will do it.”
