Presco full year profit rose by 804% in 2016

Okomu Oil

Presco PLC ended the financial year 2016 with NGN15.7 billion revenue compared to NGN10.4 billion recorded in the financial year 2015.

It’s cost of sakes for the period is NGN4.4 billion loss against NGN3.8 billion loss recorded in the year 2015.

The company recorded NGN11.3 billion gross profit for the period in review against NGN6.6 billion recorded in the year before.Meanwhile ,its operating profit for the period was NGN7. 0 billion against NGN3.8 billion recorded in fiscal year 2015.

Presco recorded NGN31.2 billion profit for the year before taxation in 2016 against NGN4.2 billion recorded in 2015.

After settling it’s tax for the year, it profit for the year rose by to NGN21.7 billion in contrast to NGN2.4 billion recorded in the year 2015.

Presco PLC acquired NGN83.1 billion worth of assets in the year in review against NGN55. 4 billion recorded in the year 2015. Its total liabilities for the year was NGN5.6 billion against NGN6.4 billion recorded in 2015.

For more details on the report, click here>>>

Company Profile

Presco is a public limited liability company incorporated on September 24, 1991 under Nigerian law. Its corporate head office is at the company’s Obaretin Estate near Benin City.

Presco holds the Obaretin Estate (a concession of 6,462 hectares) the Ologbo Estate (a concession of 12,560 hectares), both located in Edo State, and the Cowan Estate, a concession of 2,800 hectares in Delta State. A new concession called Sakponba Estate also in Edo State of 17,000 hectares.

Leave a Reply

Your email address will not be published.