Presco Plc, Nigeria’s leading integrated agro-industrial company, has reported landmark growth for the 2024 financial year, with revenue more than doubling to ₦207.5 billion. The company also unveiled bold expansion plans across West Africa at its 2025 Annual General Meeting (AGM) held in Lagos.
Shareholders at the meeting approved the audited financial statements for the year ended December 31, 2024, alongside resolutions covering dividend declaration, board appointments, directors’ re-election, and remuneration disclosures.
Presco posted a 102.6 per cent increase in revenue to ₦207.5 billion from ₦102.4 billion in 2023. Profit Before Tax grew by 128.7 per cent to ₦113.2 billion, while gross profit rose by 120 per cent to ₦142 billion. EBITDA stood at ₦119.1 billion, up 125.2 per cent, reflecting operational discipline and efficiency.
Earnings per share advanced 57.5 per cent, while the company’s market valuation surged 146 per cent, signalling strong investor confidence.
Shareholders approved a final dividend of ₦42 per 50 kobo share (₦42 billion in total), payable on August 19, 2025.
Looking ahead, Presco set out an ambitious roadmap to triple its cultivated land, diversify its customer base, and deepen its presence across West Africa’s edible oils and fats market.
The company said its expansion drive could reduce Nigeria’s edible oil and fat imports by 40 per cent and Ghana’s by 30 per cent.
“Our ambition goes beyond today’s results,” said Felix O. Nwabuko, Group CEO of SIAT Group, Presco’s parent company. “Presco is building the future of Africa through agriculture—a future where we produce more of what we consume, reduce import dependence, and create sustainable value chains for farmers and host communities.”
As part of this strategy, Presco announced the acquisition of Ghana Oil Palm Development Company Limited (GOPDC) and Saro Oil Palm, describing the deals as a foundation for regional scale, synergies, and long-term profitability.
Chairman, Olakanmi Rasheed Sarumi, reaffirmed the company’s commitment to governance and sustainability despite economic headwinds.
“Our 2024 performance is a landmark in Presco’s journey. It demonstrates resilience in the face of economic pressures and validates our long-term strategy,” he said. “As we expand our footprint in Nigeria and West Africa, we remain committed to growth anchored in operational excellence, environmental stewardship, and shared prosperity with stakeholders.”
