Presco Nigeria Plc has announced that its strategic expansion activities in oil palm plantation and processing facilities would be completed next year.
Addressing shareholders during the 2018 yearly general meeting of the company in Benin, Edo State, the Chairman, Pierre Vandebeeck, said its total planted area rose to 23,660 hectares of oil palm plantations as at March 31st.
This is just as shareholders at the meeting approved the Board’s proposal to pay N2billion dividend, amounting to 200kobo per share.
Vandebeeck explained that fresh fruit bunches (FFB) harvested was 191,672 tonnes, against 169,325 tonnes in 2017, while crude palm oil (CPO) produced was 42,893 tonnes, compared to 37,637 tonnes in 2017.
“The 4,020 ha of oil palm planted in 2018 beat the record in 2017 (3,600 ha) of oil palm planting hectarage planted in one year. The expansion of installed capacities of processing facilities progressed steadily. These are now programmed to be early in 2020.”
According to him, Presco within the year under review recorded N21.34billion revenue, and Profit After Tax of N4.3billion.
He said refined, bleached and deodorised oil (RBDO) produced was 21,726 tonnes, adding that at 2018 end, total oil palm plantation hectare stood at 23,592 hectares with additional planting of 4,020 hectares.
The Managing Director, Felix Nwabuko, assured shareholders of a bright future based on ongoing expansion and investments.
He said the host communities’ development programme continued during the year under review, adding that “The focus was on education, roads, water, electricity, and support to out-growers.”
To consolidate on its growth agenda, he said: “We are committed to research and development. It is at the forefront of our new planting material development, and has been very successful in increasing the quality of FFB and oil production per hectare. We continue to put efforts to be leader in Research and Development.
“The amount expended on Research and Development in the year under review was N608.3million (2017: N238.6million). We have collaborated with first class research organizations, national and international universities.
“Every year, the research activities are increasing, bringing us closer to our ambition of establishing Presco as a Centre of Excellence for oil palm cultivation and research in the West African region.”
Speaking during the meeting, shareholders commended the board for sustaining Presco’s growth despite the harsh operating environment.
A member of the Onitsha Zone Shareholders Association, Goodluck Akpore, commended the dedication of the board and management team.
