Presco Plc holds 2025 annual general meeting, reports landmark growth and expansion of regional footprint
- Local News
- 24.08.2025
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Presco Plc holds 2025 annual general meeting, reports landmark growth and expansion of regional footprint
L-R – Company Secretary, Frederick Ichekwai; Independent Non-Executive Director, Amb. Nonye Udo; Independent Non-Executive Director, Iquo Ukoh; Chairman, Rasheed Sarumi; Non-Executive Director, Felix Nwabuko; Independent Non-Executive Director, Osayi Alile; Non-Executive Director, Abdul Bello; at Presco Plc’s 2025 Annual General Meeting yesterday.
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Strong 2024 performance and first-half 2025 momentum reinforce Presco’s position as West Africa’s leading edible oil business
Presco Plc. (NGX: PRESCO), Nigeria’s leading fully integrated agro-industrial company, today held its 2025 Annual General Meeting (AGM) in Lagos, where shareholders approved the company’s audited financial statements for the year ended 31 December 2024, alongside key governance and business resolutions.
The meeting agenda included the declaration of a final dividend, approval of the audited financial statements, re-election of directors retiring by rotation, consideration of new board appointments, disclosure of remuneration, and other statutory and special business
Presco delivered record growth in 2024. Revenue grew by 102.6% to ₦207.5 billion (2023: ₦102.4 billion), while Profit Before Tax surged 128.7% to ₦113.2 billion. Gross Profit rose by 120% to ₦142 billion, and EBITDA increased by 125.2% to ₦119.1 billion, underscoring the company’s strong operational discipline and ability to convert growth into shareholder value
Earnings per share grew by 57.5% while Presco’s market valuation advanced 146%, reflecting strong investor confidence. Shareholders approved a final dividend of ₦42.00 per 50 kobo share (₦42 billion), payable on 19 August 2025, bringing returns in line with the company’s commitment to consistent value distribution
In pursuit of sustained regional leadership, Presco PLC has set out an ambitious roadmap for the future. The company has set a new target to triple its area under cultivation, expand its footprint across West Africa and diversify its customer base to capture a larger share of Africa’s edible oils and fat market.
This growth strategy is designed to address a regional challenge of food security and drive shareholder value. Presco projects that its expansion could reduce edible oils and fat imports by around 40% in Nigeria and 30% in Ghana.
“Our ambition goes beyond today’s results.” Felix O. Nwabuko, the Group CEO, SIAT Group, said at the AGM. “Presco is building the future of Africa through agriculture. A future where we produce more of what we consume, reduce import dependence and create sustainable value chains that benefit farmers and the communities we are in.”
To catalyse its expansion strategy, Presco announced the acquisition of Ghana Oil Palm Development Company Limited (GOPDC) and Saro Oil Palm. These strategic acquisitions represent the first phase of its expansion roadmap and provides a strong foundation for regional scale, operational synergies and long-term profitability.
During the AGM, Chairman Mr. Olakanmi Rasheed Sarumi also reaffirmed the company’s commitment to strong corporate governance, transparency, and sustainability:
“Our 2024 performance is a landmark in Presco’s journey. It demonstrates resilience in the face of economic pressures and validates our long-term strategy. As we expand our footprint in Nigeria and West Africa, we remain committed to delivering growth that is anchored in operational excellence, environmental stewardship, and shared prosperity with our stakeholders.”
About Presco Plc.
Presco is a fully integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining and fractionation plant. It also has an olein and stearin packaging plant and a biogas plant to treat its palm oil mill effluent – the first of its kind in West Africa. Presco specialises in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products. As the Nigerian market leader for specialty fats and oils, Presco also supplies specialty fats and oils of outstanding quality to customer specifications and assures a reliability of supply of its products year-round. This is made possible by the integrated nature of the company’s production process.
The management of Presco Plc reported record-breaking revenue figures for the 2024 fiscal year. According to the Chairman of the Board, the company achieved double-digit growth across all revenue streams, driven by increased production capacity, strong local demand, and improved export opportunities.
Shareholders were informed that profit before tax rose significantly compared to previous years, a development attributed to strategic investments in modern processing facilities and sustainable agricultural practices. The company also emphasized its ability to withstand macroeconomic challenges such as inflation, currency volatility, and global supply chain disruptions.
As part of its commitment to rewarding investors, Presco Plc’s board proposed a substantial dividend payout. This announcement was met with applause from shareholders, who commended the management for balancing aggressive expansion plans with consistent shareholder value creation. The dividend policy, according to the company, reflects its strong cash flow and confidence in future growth
One of the most notable highlights of the AGM was the company’s expansion across Nigeria and the West African sub-region. Presco Plc revealed ongoing projects aimed at acquiring new plantation estates, improving logistics networks, and establishing processing plants in strategic locations.
The Managing Director explained that the regional expansion was designed not only to meet the rising demand for palm oil and related products but also to enhance food security, create employment, and foster industrialization in host communities. The company reiterated its commitment to maintaining high standards of sustainability while scaling operations across borders.
Presco Plc highlighted its sustainability agenda, underscoring its adherence to international best practices in agricultural production. Efforts are being channeled towards reducing carbon emissions, adopting eco-friendly farming methods, and protecting biodiversity within plantation areas.
On the social responsibility front, the company announced increased investments in education, healthcare, and infrastructure development within host communities. According to the board, Presco Plc sees community engagement as a cornerstone of its long-term success and social license to operate.
Several shareholders expressed confidence in the company’s leadership, praising the transparency and accountability demonstrated in the AGM. Industry analysts also noted that Presco Plc’s growth trajectory positioned it as a critical player in Nigeria’s quest for agricultural self-sufficiency and regional trade dominance.
Employees and union representatives who attended the AGM highlighted the company’s efforts in workforce training and welfare, stressing that Presco Plc has remained consistent in providing fair labor practices and career development opportunities.
