By Ikechukwu Emelike

Presco Plc has released their audited full year result for the period ended December 31, 2007 and the unaudited first quarter result for the period ended March 31, 2008 to the floor of the Nigerian Stock Exchange. The company listed in the Agricultural sub sector of the Stock Exchange and which specializes in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products was formally listed in 2002 with the group holding 60 percent of the shares while 5,000 Nigerian shareholders holding the remaining 40 percent.
Highlights of the full year results showed that the company’s turnover for the period increased slightly by 7.7 percent from N2.104 billion in 2006 to N2.266 billion in 2007. Profit before tax however decreased by 18.37 percent from N0.294 billion in 2006 to N0.240 billion in 2007. After tax profit was also not good as it fell by 82.95 percent from N0.217 billion in 2006 to N0.037 billion in 2007.

First quarter saw a turnover of 80.90 percent from N0.424 billion in the same period in 2007 to N0.767 billion in 2008. Profit before tax for the period rose from N0.083 billion in 2007 to N0.213 in 2008 indicating an increase of 156.63 percent. After tax profit also increased from N0.080 billion in 2007 to N0.207 billion in 2008.
The company has proposed to pay its shareholders a dividend payout of 5 kobo and a bonus issue of 1 for 1. Closure date is 30th June, 2008 and payment date is 30th July, 2008.

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