Presco Plc on Wednesday received the approval of its shareholders to pay the sum of N1bn as total dividend proposed by the company for the year ended December 31, 2014.
The dividend, which was unanimously approved at the 22nd annual general meeting of the company in Benin, Edo State, translates into 100 kobo per share as a payout to the shareholders.
The Chairman, Presco, Mr. Pierre Vandebeeck, disclosed that the firm had a turnover of N9.1bn in the year under review, as against N8.4bn in 2013, and a profit after tax of N2.6bn, which is 53.8 per cent higher than the N1.2bn declared in the previous year.
He also noted that the turnover, gross profit and profit before tax were higher than the previous year by eight per cent, 39 per cent and 47 per cent, respectively.
He described the year under review as “mixed” and “even more challenging than 2013,” adding that the company, however, “navigated it very well.”
Vandebeeck said, “The performance of the year 2014 was very good. We achieved a total of fresh fruit bunches production of 162,076 per metric tonne as against 125,481 per metric tonne in the previous year; crude palm oil produced was 27,586 per metric tonne, compared with 27,585 per metric tonne of the year 2013, and refined, bleached, deodorised oil of 25,279 tonnes compared with 26,055 tonnes of the year 2013,” he said.
The chairman said that the firm maintained its community relations by focusing on education, roads, water, electricity and support for growers, while promoting research for the development of new planting material.
“We envisage increasing challenges in market and macro-economic conditions in 2015. We will concentrate on efficiencies in the management of operations across our value chain and continue with our planned long-term industry leadership-focused expansion programme,” he said.
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