• About Us
  • Terms & Conditions
  • Contact Us
Sunday, January 29, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    BREAKING: CBN extends deadline for old naira notes

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    Train Derails In Abuja, NRC Suspends Services

    Train Derails In Abuja, NRC Suspends Services

    How Osun state governor, Adeleke was sacked by tribunal

    How Osun state governor, Adeleke was sacked by tribunal

    Adeleke reacts to his removal as Osun state governor

    Adeleke reacts to his removal as Osun state governor

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

    Studying in UK? Proposed visa policy may require you to leave in 6 months if without a job

    Studying in UK? Proposed visa policy may require you to leave in 6 months if without a job

    Britain considers allowing foreign students to work longer hours

    Britain considers allowing foreign students to work longer hours

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gains… As Year-to-Date in closed at 2.68%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    Unilever Nigeria Plc grows profit by 75.8% in FY 2022

    Dangote Cement Plc announces date of Board meeting to consider 2020 accounts

    Dangote Cement Plc appoints Arvind Pathak as new GMD

    Release of Oando’s 2019 Annual Financial Statements delayed again

    Oando blames complexity of audit for continued delays in releasing its financial statements

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    UK fines GTBank for ‘money laundering system failures

    UK fines GTBank for ‘money laundering system failures

    Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA

    Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA

    Airtel receives $159m as first payment for its Tanzanian towers

    Airtel Nigeria acquires 4G and 5G Spectrum

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    BREAKING: CBN extends deadline for old naira notes

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    No new CP in Lagos, Alabi still in charge, says Hundeyin

    Train Derails In Abuja, NRC Suspends Services

    Train Derails In Abuja, NRC Suspends Services

    How Osun state governor, Adeleke was sacked by tribunal

    How Osun state governor, Adeleke was sacked by tribunal

    Adeleke reacts to his removal as Osun state governor

    Adeleke reacts to his removal as Osun state governor

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

    Studying in UK? Proposed visa policy may require you to leave in 6 months if without a job

    Studying in UK? Proposed visa policy may require you to leave in 6 months if without a job

    Britain considers allowing foreign students to work longer hours

    Britain considers allowing foreign students to work longer hours

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

    MTN Nigeria Communications Plc announces Board Meeting and close period for Q1 2021

    MTN Nigeria set to allot ‘incentive shares’ to shareholders

    Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

    NGX-ASI Depreciated by 2.03%… As Year-to-Date slides down to 2.62%

    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

    NGX Reg lifts suspension on trading of International Energy Insurance Plc shares

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The Local Bourse Records Gains… As Year-to-Date in closed at 2.68%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    Unilever Nigeria Plc grows profit by 75.8% in FY 2022

    Dangote Cement Plc announces date of Board meeting to consider 2020 accounts

    Dangote Cement Plc appoints Arvind Pathak as new GMD

    Release of Oando’s 2019 Annual Financial Statements delayed again

    Oando blames complexity of audit for continued delays in releasing its financial statements

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    Access Bank’s plan to acquire Kenya’s Sidian Bank cancelled

    UK fines GTBank for ‘money laundering system failures

    UK fines GTBank for ‘money laundering system failures

    Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA

    Ellah Lakes Plc subsidiary to boost soybean production in Enugu, signs seed production agreement with IITA

    Airtel receives $159m as first payment for its Tanzanian towers

    Airtel Nigeria acquires 4G and 5G Spectrum

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Business

Agro-Industrial giant Presco Plc reports N10.12bn profit in H1 2021

Friday, 30 July 2021, 8:33 pm
in Business, Companies
0
Agro-Industrial giant Presco Plc reports N10.12bn profit in H1 2021
Share Share Share Share Send as Email

Presco Plc, a fully integrated agro-industrial establishment earlier today joined the other listed companies in releasing its financial statements for the first half period ended 30 June, 2021.

A review of the report by Investogist shows that the company was able to grow its revenue by 59.49%, and grew its profit after tax by 130.68%.

Presco Plc was listed on the Nigerian Exchange on October 10, 2002 and has PRESCO as its ticker symbol.

Analysis of Statement of Comprehensive Income

Revenue earned by PRESCO went from N13.45bn at the same H1 period in 2020 to N21.46bn in H1 2021. This represents a 59.49% increase in its revenue.

  • Read also; TRANSCORP’s Profit for H1 2021 Period hit N6.50 billion, up 735.65% YoY
  • Nestlé Nigeria Plc post decline in profit despite 22% revenue growth

The cost of sales went up only 11.75% to N4.93bn (H1 2020: N4.41bn), to give an impressive 77.01% Gross Profit Margin. The Gross Profit was up by 82.81%, to N16.52bn, from N9.04bn.

Selling and distribution expenses was up by 65.96%, from N184.40mn to N306.04mn, while Administrative expenses went up by 52.91% from N1.89bn in H1 2020 to N2.89bn in H1 2021.

Profit Before Tax increased from N5.77bn reported in H1 2020, to N12.94bn, a 124.32% growth in PBT.

PRESCO paid a total tax of N2.81bn for the Half Year period ended 30 June 2021 (H1 2020: N1.38bn).

The break-up of the taxes paid are as below;

  1. Income tax: N2.43bn (H1 2020: N1.15bn)
  2. Education tax: N267.28mn (H1 2020: N133.70mn)
  3. Deferred tax: N120.00mn (H1 2020: N90.00mn)

Profit after tax went up by an impressive 130.68% to N10.12bn from N4.39bn. Earnings per share increased by similar magnitude to N10.13.

Analysis of Statement of Financial Position (Balance Sheet)

A review of the company’s balance sheet show a moderate increase in the company’s total asset. There was only an increase of 1.50% in the Total Assets between what it was on 31 December 2020, and 30 June 2021.

The company saw an increase in its cash and cash equivalent from N2.58bn as at 31 December 2020 to N3.69bn as at 30 June.

There was an improvement in the company’s liabilities, as it decreased by 21.12% from the N42.71bn as at 31 December 2020 to N33.69bn as at 30 June 2021.

The improvement in the liabilities standing came from a drawdown in the Trade and other payables which was N11.54bn as at 31 December 2020 to N6.30bn as at 30 June 2021. There was also a drawdown in Banks overdrafts from the N6.36bn reported as at 30 December 2020 to N2.92bn as at 30 June 2021. Short term borrowings was also paid down from N6.42bn to N3.21bn.

An analysis of the company’s Equity column show an increment in Total equity from N31.05bn to N41.17bn. This represented a 31.61% increment, and it was due to the 34.31% increase in the retained earnings.

As at 31 December 2020, the retained earnings stood at N29.51bn, with the profits in H1 2021, it rose to N39.64bn as at 30 June.

An analysis of the balance sheet show that 55.00% of the company’s total asset as at 30 June 2021 was funded by Shareholder’s Equity while the other 45.00% was funded by Liabilities.

Analysis of Statement of Cash Flows

A review of the company’s statement of cash flows shows the below;

  • Net cash generated from operating activities stood at N10.18bn
  • Net cash used in investing activities stood at N1.84bn
  • Net cash used in financing activities stood at N2.78bn

The cash and cash equivalent as at 30 June stood at N770.86 million.

About the Company

Presco Plc was incorporated in Nigeria on 24th September, 1991 as Presco Industries Limited, a private limited liability Company, and became a public limited liability Company in February 2002.

Presco’s initial public offer was successfully completed, and since 9th October 2002 Presco Plc has been listed on the Nigerian Stock Exchange. The public offering of Presco consisted of the sale of approximately 160 million shares at NGN 5 each.

Presco Plc specializes in the cultivation of oil palms and in the extraction, refining and fractioning of crude palm oil into vegetable oil and palm stearin.

The company operates from two states, Obaretin Estate, Ologbo Estate and Sakponda Estate in Edo State and Cowan Estate in Delta State.

PRESCO have 1,000,000,000 outstanding shares and a market capitalization of N71.00 Billion.

60% of its shares is owned by Siat Group Belgium, while Nigerian Investors (institutional and private) own the remaining 40%.

Analyst’s view

In terms of Dividend Yield and other metrics like P/E ratio and BV/Share, PRESCO share price is on the over valued range.

However, with the continuing improvements in the company’s performance, PRESCO will make a good BUY for long term investors.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

Related Posts:

  • Conoil Plc reports 213.7% growth in profit for H1 2021
    Conoil Plc reports 213.7% growth in profit for H1 2021
  • TRANSCORP reports 528.45% rise in profit for 2021 FY
    TRANSCORP reports 528.45% rise in profit for 2021 FY
  • United Capital Plc reports 64.21% growth in Profit in H1 2021
    United Capital Plc reports 64.21% growth in Profit in H1…
  • African Prudential reports N0.38 Billion Profit After Tax in Q1 2021, 12% up YoY
    African Prudential reports N0.38 Billion Profit After Tax in…
Previous Post

FBN Holdings Plc rakes in N291 billion revenue in H1 2021

Next Post

Model can predict how drug interactions influence antibiotics resistance

Next Post
Model can predict how drug interactions influence antibiotics resistance

Model can predict how drug interactions influence antibiotics resistance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
VACANCY: Egbin Power Plc is recruiting into several positions

VACANCY: Nestoil is recruiting into several positions

Caught on Camera: Pfizer exploring “Mutating” COVID-19 virus for new vaccines

Caught on Camera: Pfizer exploring “Mutating” COVID-19 virus for new vaccines

Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

BREAKING: CBN extends deadline for old naira notes

All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

BREAKING: CBN extends deadline for old naira notes

Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

Naira redesign: We can’t guarantee your safety in Kano, postpone visit – Ganduje tells Buhari

VACANCY: Egbin Power Plc is recruiting into several positions

VACANCY: Nestoil is recruiting into several positions

No new CP in Lagos, Alabi still in charge, says Hundeyin

No new CP in Lagos, Alabi still in charge, says Hundeyin

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist