Shareholders of Presco Plc, on Wednesday, approved the request by the board of the company to pay 200 kobo per share dividend for the financial year ended December 31, 2020, amounting to N2 billion.
The shareholders gave the approval at the company’s 28th Annual General Meeting held by proxy at Obaretin Estate, Ikpoba-Okha Local Government Area, Edo State.
The meeting was held by proxy in accordance with COVID-19 protective guidelines issued by World Health Organisation, Nigerian Centre For Disease Control and the Edo State Government.
Speaking on behalf of shareholders, Chairman, Onitsha Zone Shareholders Association, Bishop Goodluck Akpore, commended efforts by the board and management of Presco Plc to boosts the company’s operations.
He said shareholders were particularly impressed with the company’s resolve to pay dividends and sustain growth agenda despite challenges including Covid-19 pandemic.
Bishop Akpore also used the opportunity to commend the Managing Director of the Company, Mr Felix Nwabuko, for his dedication to the growth of the company.
Earlier in his address to shareholders, the Chairman of the company, Paul Cardoen, said the year under review has been one of the significant challenges, “but we are happy that the fundamentals of our business remained strong which enabled us to emerge a better business for it and achieve the improved operational and financial result we present to you today”.
The chairman explained that revenue for the year was N23.89 billion, a 21 per cent increase on N19.72 billion of 2019.
“We realised a gross profit of N16.088 billion, a 26 per cent increase on N12.72 billion of 2019 and 37 per cent increase in Profit after-tax (after accounting for changes in fair value of biological assets).
Nwabuko also used the opportunity to assure shareholders and other stakeholders of a better future in terms of growth and profitability.
Addressing the shareholders, the chairman said: “In the same period, fresh fruits bunches harvested was 214,872 tons (2019;200,163 tons), Crude Palm Oil (CPO) produced was 45,467 tons (2019:43,757 tons), Refined, Bleached and Deodorized Oil produced was 19,486 tons (2019:20,594 tons) and Olein and Stearin produced were 7,352 tons (2019:7967 tons).
“Average unit selling prices of crude palm oil and crude palm kernel oil achieved increased marginally by 1.59 per cent and 1.15 per cent respectively year on year.
“Average unit selling prices of bulk sales of refined product (Olein, Stearin and RBDO) achieved in 2020 improved marginally by between 1.05 per cent and 1.37 per cent compared to 2019 while that of package refined products (Olein and Stearin) also improved marginally by 1.13 per cent and 1.27 per cent respectively“.