Presco targets sustained growth, dividend through expansion
Presco Plc has reiterated its commitment to sustain ongoing expansion agenda, as part of measures to generate more job opportunities, and create value for shareholders.
A key player in the agro-allied sector of the Nigerian Stock Exchange (NSE), Presco specialises in the cultivation of oil palm, and the extraction, refining and fractionation of palm oil into finished products.
As a result, the company was honoured with an award for its sustained dividend payment policy in the last 10years at the maiden edition of dividend payment awards for Nigeria’s listed companies by Third Observers Nigeria Limited at the weekend. The Administration/Relationships Manager, Presco Plc Tony Uwajeh, said the company will sustain ongoing expansion drive in the interest of all stakeholders.
Accompanied by the Company Secretary, Patrick Uwadia at the occasion, Uwajeh explained that Presco will also consolidate on its dividend payment policy.
He explained that the company in 2010, increased its refinery/fractionation capacity to 100 tonnes per day, to enable it cope with increased production from the plantation, and increasing demand from customers.
He said a state of the art 100tonne/day Fractionation and Jerry-can filling Plant was commissioned in 2014, noting that a further expansion to 500 tonnes daily refinery is foreseen by the end of 2019.
At the company’s 24th yearly general meeting, held in Edo State, the Chairman of the company, Pierre Vandebeeck, said: “the company is still investing more and making bigger earnings. Our profits, disposable income, and new investments are growing more and more, and in the last six months, our share prices have doubled. “