Latest News | News Break Nigeria At the 21th annual general meeting of Presco plc, recently in Benin City, the firm declared a turnover of N8,485, 143,000 for the year ended December 31, 2013, as against N11,251,521,000 for the previous year, which led to a profit after tax of N1,293,971,000, compared with N3,549,971,000, for 2012. The firm also proposed a right issue of one new share of 50 kobo for every 10 shares of 50 kobo each held, subject to the approval of the relevant regulatory authorities, as preference would be given to old shareholders. Pierre Vandebeeck, chairman, board of directors, Presco, disclosed this at the meeting, saying the drop in profit for the year under review was partly due to compliance to International Financial Reporting Standard (IFRS) and expansion programmes, as the desire of the company to focus on core activity of plantation management had opened up prospects for the year 2014. The board of directors proposed a dividends of 10 kobo per share, amounting to N100,000,000 for shareholders approval, subject to withholding tax at the appropriate rate, he said further. According to the chairman, ”Presco is poised to reap the benefits of its expansion programme of previous years. Our performance in 2013 can be described as good. We achieved a total fresh fruit branches production of 123,695 tons as against 125,491 tons in the previous year, as crude oil palm produced was 27,585 tons compared with 33,375 tons for the year 2012.” The company’s turnover was N8,485,143,000 as against N11,251,000,000 the previous year, resulting in a profit after tax of N1,293,971,000, compared with 2012, which was N3,549,971,000. “The difference in the profit for year under review compared with the results for year ended December 31, 2012, was due to compliance with IFRS and expansion programmes embarked on by the management,” he said further, to buttress the drop in the financials. The year under review – 2013 – has been a mixed year as against a robust 2012, with high commodity prices, coupled with good production and marketing methods. “The management worked hard enough and achieved good result. We knew by the end of 2012, it will be difficult to repeat the performance in terms of absolute figures and hence concentrated on achieving improved efficiencies, further value addition and consolidation of gains made in the past years,” he said. The company performed very well in 2013, achieving record ffb production capacity, better efficiency, recorded new height in new acquisitions, manufacturing facilities and planted areas, he said. “As long as we take care of our plantation, ensure that we continually add to the planted area, control leakages and improve efficiencies, we have no fear. Nigeria presents a unique market wherein the buying power of its population is increasing, food grade oil is in short supply, abundant labour, land and good weather,” he said. The main difference between 2012 and 2013 figures is due to the fact that Presco did not import any oil to support its additional refining capacity, he disclosed further, noting that this was based on many factors that include cumbersome process of importing and low margins. The company therefore proposed a dividend of 10 kobo per share, amounting to N100,000,000 for shareholders approval, subject to withholding tax at the appropriate rate. “The board has also proposed a right issue of one new share of 50 kobo for every 10 shares of 50 kobo each held, Presco is poised to reap the benefits of its expansion programme of previous years. ”Our performance in 2013 can be described as good. We achieved a total fresh fruit branches production of 123,695 tons as against 125,491 tons in the previous year; crude oil palm produced was 27,585 tons compared with 33,375 tons for the year 2012,” he said. The company is optimistic, according to the chairman, that “as long as we take care of our plantation, ensure that we continually add to the planted area, control leakages and improve efficiencies, we have no fear. Nigeria presents a unique market wherein the buying power of its population is increasing, food grade oil is in short supply, abundant labour, land and good weather.” Shareholders present at the meeting were unanimous in adopting the proposal and applauding the management for a work well done.
Posted on: Fri, 01 Aug 2014 00:38:45 +0000
Trending Topics
Recently Viewed Topics
© 2015