Presco PLC, a net producer of specialty fats and oils has been blessed by the drought of Forex in Nigeria as its third quarter revenue surged by 49% year on year.
Revenue for the third quarter of the year rose to NGN11,9 billion. Last year, the company only reported NGN8 billion.
In spite of the skyrocketing inflation and devaluation of the Naira (NGN), Presco PLC seems to have tamed its cost of sales as the item only increased to NGN1,9 billion compared to NGN1,8 billion expended in the year before.
The increase in demand must have also made Presco to increase its workforce. Selling, general and administrative expenses rose to NGN2,2 billion from NGN1,6 billion expended last year.
The rising cost of doing business and the massive inflation shot up Presco’s NGN166 million compared to NGN86 million recorded in the year before.
Net profit for the period rose to NGN6,8 billion compared to NGN3,4 billion last year.
Total asset at the end of the quarter rose to NGN65,2 billion versus NGN55,4 billion in the year before. The company has also reduced its loan book to NGN95,2 million compared to NGN527 million last year.
Presco is competing with Okomu Oil, the company specializes in the cultivation of oil palm and in the extraction, refining and fractioning of crude oil into finished products. It possesses oil palm plantations, a palm oil mill, a palm kernel crushing plant and a vegetable oil refining plant in Nigeria.