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Presco Plc has declared a record growth in 2024 fiscal year, delivering N207.5 billion revenue while it’s profit before tax rose to N113.2 billion, even as the company announced an expansion of its operational footprints to Ghana.
The 2024 revenue grew by 102.6% compared to 2023 N102.4 billion, the profit before tax surged to N113.2 billion about 128.7% increase compared to the previous year.
This was disclosed at the company’s Annual General Meeting (AGM) held in Lagos on Tuesday August 19, by the Chairman, Mr Rasheed Sarumi, and was attended by its board of directors, the stakeholders and the shareholders.
Sarumi said “We grew our revenue by 102% to N207.5 billion from N102.4 billion in 2023. This growth was driven by an increase in production volumes, our enhanced organizational efficiencies and deeper market penetration.”
Sarumi added that”Our Gross Profit grew by 120% to N142 billion, while our Profit Before Tax jumped by 128.7% to N113.2 billion,” noting that the leap underscored the firm’s capacity to convert growth into robust shareholder value.
“Our Earnings Before Interests, Taxes, Depreciation and Amortization (RBITDA) grew by 125.2% to N119.1 billion, reflecting our strong operational discipline.
“Earnings Per Share rose by 57.5% and consequently, our market valuation grew by 146%, an affirmation of investor confidence in our company and mission.”
Sarumi also disclosed that Presco Plc as part of its expansion drive to become West Africa’s leading and most sustainable oil business “In August of 2024, we acquired a 52% equity stake in Ghana Oil Palm Development Company Limited (GOPDC), marking our strategic entry into the Ghanaian market”, adding that the acquisition was eventually consolidated in 2025 making GOPDC a wholly owned subsidiary of Presco.
It was also disclosed during the AGM that the shareholders have approved a final dividend of N42.00 per 50 kobo share, approximately N42 billion payable on August 19, 2025, bringing returns in line with the company’s commitment to consistent value distribution.
Presco Plc is a fully integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining and fractionation plant.
Presco also has an olein and stearin packaging plant and a biogas plant to treat its palm oil mill effluent – the first of its kind in West Africa.
Presco specialises in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products.
As the Nigerian market leader for specialty fats and oils, Presco also supplies specialty fats and oils of outstanding quality to customer specifications and assures a reliability of supply of its products year-round. This is made possible by the integrated nature of the company’s production process.
Presco projects that its expansion could reduce edible oils and fat imports by around 40% in Nigeria and 30% in Ghana.
“Our ambition goes beyond today’s results,” said Felix O. Nwabuko, the Group CEO, SIAT Group, at the AGM.
Nwabuko noted that “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 that benefit farmers and the communities we are in.”
