By Moses Ebosele, ebosele@hotmail.com –
For the year ended December 31, 2016, shareholders of Presco Plc has approved a dividend of N1.5Billion, amounting to 150 kobo per share. The company had in 2015 rewarded shareholders with N1Billion, indicating 100kobo per share.
Turnover also increased from N10.4Billion recorded in 2015 to N15.7Billion in 2016 while profit after tax was N21.7Billion, “after accounting for changes in fair value of biological assets”.
Briefing shareholders during the 24th Annual General Meeting (AGM) held on Wednesday at the company’s premises in Edo State, Chairman of the Board, Pierre Vandebeeck explained that the company’s host communities development programe continued within the period under review.
Explaining further, Vandebeeck said: “Presco Plc sustained its good operating result yielding a good performance for the 2016 financial year.We achieved a total of fresh fruit bunch (ffb) production of 164,513 tons. Crude Palm Oil produced was 35,555 ton, refined, Bleached and Deodorized oil of 28,505 tons and Olein and stearin produced was 10,946 tons”.
Meanwhile, Edo State Governor, Godwin Obaseki has pledged to make more land available to the company as part of measures to support ongoing expansion agenda.
Speaking at the company’s pre-AGM on Tuesday, Obaseki commended the Board and Management for supporting and meeting the demands of host communities.
Despite challenges, Vandebeeck informed shareholders that the company kept “our pledged that we will in 2016, concentrate on efficiencies in the management of operations across our value chain and continued with our planned long term expansion programme that fall into three broad categories, viz import substitution, forex earnings and own green energy”.
He added: “We aim to increase our oil palm plantation hectarage by the planting of additional 4,000 hectares, plant our first rubber trees and pursue completion of our RSPO certification”.
Making reference to research and development, Vandebeeck said the company is at the forefront of new planting material development and has “been very successful in increasing the quality of FFB and oil per hectare of plantation. The amount that was spent on research and development in 2016 was N101.4 millin (2015:N148.3million”.
