Presco Plc has announced a ₦237 billion Rights Issue, offering 166,666,667 ordinary shares to existing shareholders at ₦1,420 per share, in a move aimed at supporting expansion and consolidating its presence in the West African edible oil market.
The offering, representing one new share for every six held, follows approvals from shareholders, the Securities and Exchange Commission, and the Nigerian Exchange Limited.
Managing Director Reji George said the capital raise would allow Presco to pursue both Greenfield and Brownfield acquisitions and industrial expansion projects that are intended to increase production capacity and reinforce the company’s regional market position.
“The additional capital will enable us to scale our footprint, invest in high-impact expansion projects, and drive long-term value creation for our shareholders, employees, and host communities,” he stated.
George also emphasised that the company’s strategy remains focused on sustainable growth, noting that the Rights Issue will provide momentum for projects aimed at improving operational efficiency and resilience.
“Our strategy remains clear—to deepen our position as a leading player in the oil palm industry by investing in sustainable growth initiatives that enhance efficiency, resilience, and profitability,” he added.
Presco said the proceeds would support its ongoing industrial-scale agribusiness initiatives, reinforcing national food security, generating employment, and adding value to local agricultural production.
The company’s operations are bolstered by its subsidiaries, Ghana Oil Palm Development Company Limited and Siat Nigeria Limited, which extend its reach across the region.
Presco Reports N110.8bn Profit
Recall that last month, Presco Plc announced a profit after tax of N110.8 billion for the nine months ended September 30, 2025, more than doubling the N51.8 billion recorded in the same period of 2024, according to its unaudited financial statements filed with the Nigerian Exchange Limited.
Revenue for the period rose to N274.5 billion from N128.6 billion, driven by higher production capacity, favourable pricing, and increased market demand for its refined palm oil products. The board has approved a second interim dividend of N10 per share.
Commenting on the results, Managing Director Reji George said the performance reflected the company’s continued focus on operational efficiency and strategic investment. “Presco’s nine-month year-to-date performance reflects not just strong numbers but the strength of our model in an evolving Nigeria. We have stayed disciplined in execution, translating efficiency and innovation into real, measurable growth,” he stated.
