City, Lagos
Presco Plc dey shine like diamond as dem gree expand cover West Africa, and this one fit save Nigeria plenty foreign exchange wey dem dey use import palm oil. E be like say we no wan dey spend $600 million annually again as dem dey plan cut import of edible oil and fat by 40% for Nigeria and 30% for Ghana. Na Felix O. Nwabuko, wey be Group CEO for SIAT Group (dem na Presco parent company), na im talk am after 2024 Annual General Meeting.
Nwabuko talk say palm oil dey shortage, so na wetin make dem dey import wahala. But e gree say, as dem expand, dem go dey produce more for local market and dat one go help ease pressure wey dey on top naira. Wetin make am sweet, na say dem don acquire Ghana Oil Palm Development Company Limited (GOPDC) and Saro Oil Palm for $171.6 million. Dis move dey show say dem wan take charge for edible oils market.
Na 2024 dey see Presco dey jolly for business matter; dem net income don reach N88.7 billion and revenue don climb to N198.7 billion for half-year. Last year, dem don double everything – profit reach N77.7 billion, revenue don follow suit with N207.5 billion. E sure say shareholders go dey smile well-well as dem gree approve final dividend of N42.00 per 50kobo share, wey fit bring total payout to N42 billion.
Nwabuko no stop for there; him talk say, “we dey build di future of Africa through agriculture.” Him dey reason say when dem dey produce locally, e go help farmers and communities wey dem dey operate more ways plus plenty value for shareholders.”
Olakanmi Rasheed Sarumi, wey be chairman for Presco, talk say na dem dey weather storm for this tough economic period. Him say dem dey focused on growth wey go dey lead to environmental and economic betterment for una wey dey involve with dem.
As Presco dey expand like say dem dey blow breeze, e go dey interesting to see how dem go manage dis palm oil market for di future. Abeg, no let dem catch you una dey import palm oil when we fit produce for our backyard!
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