Presco posts N151.5bn profit before tax in nine months

Presco Plc has announced an improved financial performance for the first nine months ended September 30, 2026, recording an 8.5 per cent year-on-year growth in profit before tax to N151.5bn.

According to the company’s financial report submitted to the NGX on Monday, the growth in profitability was achieved despite prevailing domestic inflationary pressures and declining global edible oil prices, reflecting operational resilience and strategic balance sheet management.

The standalone operation of the integrated edible oil company recorded a 12.7 per cent increase in profit before tax to N96.9bn, while standalone profit after tax rose 11.9 per cent to N68.7bn over the nine months.

Revenue generated from Nigeria increased 12.7 per cent to N222.0bn, while group gross profit remained strong at N202.8bn with margins exceeding 73 per cent. On the cost side, standalone cost of sales declined 6.2 per cent to N46.2bn due to internal cost management measures.

The group also achieved a reduction in debt exposure, lowering total borrowings We 57 per cent to N137.1bn, representing a debt reduction of N180.2bn. Total group liabilities dropped 42.4 per cent to N278.2bn, which in turn reduced group finance costs 34.5 per cent from N30.0bn to N19.6bn.

Group shareholders’ equity grew 10.1 per cent to N487.3bn, supported by an increase in retained earnings to N253.5bn, alongside a cash position of N135.2bn as of 30 September 2026.

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Commenting on the results, the Managing Director and Chief Executive Officer of Presco Plc, Reji George, stated that disciplined cost control and productivity optimisation across the supply chain supported the performance.

“Our comprehensive business operations remain robust and well-positioned for continued success. Across our plantations, processing facilities, and supply chain, we have maintained disciplined cost management and optimised productivity, which has translated into strong financial results.

“Our diversified operational approach and strategic investments have enabled us to withstand economic headwinds while delivering growth,” George said.

He added that the commencement of fresh fruit bunches production from the recently acquired Saro Oil Palm Limited plantation in the fourth quarter would further boost production capacity and profitability.

“As we approach the end of 2026, our strategic focus remains on leveraging operational efficiencies, expanding our productive capacity, and reinforcing our commitment to sustainability. We are confident in our ability to close the year strongly and deliver long-term value, supported by our resilient business model and proactive management approach,” he noted.

The company stated that its operations, supported by subsidiaries including Ghana Oil Palm Development Company Limited and Siat Nigeria Limited, continue to strengthen its footprint across the West African region.