The directors of Presco Plc has proposed a dividend of N1 billion dividend for the year ended December 31, 2015 in spite of a fall of 55 per cent in profit after tax, PAT, for 2016.
Details of the audited results of Presco made available on Tuesday, May 10, showed that the company posted a revenue of N10.448 billion in 2015, up by 14 per cent from N9.138 billion in 2014.
Cost of sale jumped by 19 per cent from N3.119 billion to N3.813 billion, while gross profit rose by 12 per cent from N5.938 billion in 2014 to N6.635 billion.
Profit before tax slid by 46 per cent to N4.215 billion, from N7.900 billion, while PAT fell by 55 per cent from N5.194 billion to N2.321 billion. The fall in profit was affected by a drop in gains on biological assets revaluation, which fell by 82 per cent from N5.773 billion to N1.062 billion.
Also, the company spent more on financial charges in 2015, compared with 2014. Finance cost by 49 per cent rose from N363 million to N707 million in 2015.
Despite the fall in bottom line, the company recommended a dividend of N1 billion, which translate to 100 kobo per share.
