Firm to commission vegetable oil refinery this year

…Pays N2 billion dividend to shareholders in 2019

Presco Nigeria Plc has announced that the new 500 tons vegetable oil refinery has been completed with commissioning scheduled for the end of the year.  

The Chairman of the company, Pierre Vandebeeck, while addressing shareholders at the company’s 2019 yearly general meeting in Benin, Edo State, said construction work on the extension of the palm oil mill from 60 tons Fresh Fruit Bunches (FFB) per hour to 90 tons was completed in January 2020.  

At the meeting, the shareholders endorsed N 2 billion dividend for the financial year ended December 31, 2019, despite various challenges.  

Vandebeeck pointed out that the construction of a new 350 tons per day palm kernel crushing plant was completed, in addition to the completion of a new 30 tons palm kernel boiler.  
 
Vandebeeck, who was represented by a Director of the company, Osa Osunde, said: “Following the moves initiated by the Federal Government to check and fight the illegal importation and malpractices, 4th quarter 2019 witnessed a gradual recovery of average unit selling prices of crude and refined products from the hitherto downward pressure.  

“As the year drew to a close, there was the emergence of the twin shocks of COVID-19 pandemic and global oil price crash that are of significant far reaching consequences for the national economy and businesses.  

“COVID-19 in particular brought with it challenges to our lifestyle, culture, social interactions, among others. Without a doubt, the global, national and local business environment will likely become even unpredictable in the next months. “ 
 
Within the year under review, Vandebeeck informed shareholders that Presco Plc attained N19.72billion, representing 7.6 per cent reduction on N21.34billion of 2018.  

Vandebeeck said: “We realized a gross profit of N12.72billion (2018:N15.89billion) and a profit after tax (after accounting for changes in fair value of biological assets) of N3.8billion (2018:N4.3billion)