Presco Plc, a player in Nigeria’s agribusiness sector, has announced its unaudited financial results for the nine months ending September 30, showing an impressive performance across key metrics.

The results show significant improvements across key performance indices for both the group and the company and demonstrated robust growth and operational efficiency.

For the Q3, the Group posted a profit after tax (PAT) of N51.77 billion, which represents a significant year-on-year (y/y) growth of 120.6 per cent from N23.47 billion reported in the third Q3 of 2023.

The company recorded a profit after tax (PAT) of N43.21 billion, a 76 per cent rise compared to N24.55 billion in the previous year.The performance underscored the company’s ability to generate substantial returns both independently and through its subsidiaries. The group’s revenue surged to N128.57 billion, translating to a 67.2 per cent increase from N76.87 billion reported in the comparative period of 2023.

Meanwhile, the company pulled revenue of N103.11 billion, representing a 73.6 per cent growth compared to N59.38 billion it posted in Q3 of 2023. Gross profit for the group nearly doubled, reaching N92.49 billion from 48.93 billion recorded in the comparative quarter, which signified a 89 per cent increase, while the company reported a gross profit of N74.34 billion, up by 76.1 per cent from 42.14.

Operating profit for the group rose by 98.4 per cent to N74.93 billion from N37.73 billion recorded in 2023, boosted by exchange gains of N3.29 billion and improvements in cost management.

Also, the company recorded a significant operating profit of N64.24 billion, a 74.57 per cent increase from the N36.8 billion posted in Q3. On a quarter-on-quarter basis, the group’s revenue rose by 46.1 per cent from N88.02 billion in Q2 2024 to N128.57 billion in Q3 while PAT grew by 33.1 per cent from N38.88 billion in Q2 to 51.76 billion recorded in Q3, maintaining a consistent upward trajectory.

The company also experienced significant quarterly growth, with revenue increasing by 39.1 per cent and PAT rising by 29.1 per cent. Looking back over the past 18 months, Presco has demonstrated consistent growth and resilience in the face of a challenging economic environment.

For the group, basic earnings per share (EPS) for Q3 2024 stood at 5,177 kobo, more than doubling from 2,347 kobo in Q3 2023, representing a 120.6 per cent y/y increase.

Similarly, the company’s basic EPS rose significantly, reaching 4,321 kobo compared to 2,455 kobo earned in the same period last year – an increase of 76 per cent. The corporate performance highlights the company’s ability to enhance shareholder value while maintaining its robust financial standing.