Vegetable oil giant, Presco Plc yesterday received the approval of its shareholders to pay the sum of N1billion as total dividend proposed by the company for the year ended December 31, 2014.
The dividend, which was unanimously approved at the 22nd Annual General Meeting of the company in Benin, Edo State, ‎translates into N100 kobo per share as a payout to the shareholders.
Chairman of the Presco, Mr. Pierre Vandebeeck, disclosed that the firm had a turnover of N9.1 billion in the year under review, as against N8.4 billion in 2013, and a profit after tax of N2.6bn, higher than that of the previous year, which was pegged at N1.2bn,
He also noted that the turnover, gross profit and profit before tax were higher than the previous year by eight per cent, 39 per cent and 47 per cent respectively.
He described the year under review as “mixed” and “even more challenging than 2013,” adding that the company, however, “navigated it very well.”
“The performance of the year 2014 is very good. We achieved a total of fresh fruit bunches production of 162,076 per metric tons as against 125,481 per metric tons‎ in the previous year; crude palm oil produced was 27,586 per metric tons, compared with 27,585 per metric tons of the year 2013, and refined, bleached, deodorised oil of 25,279 tons compared with 26,055 tons of the year 2013,” Vandebeeck said.
The chairman said that the firm maintained its community relations by focusing on education, roads, water, electricity and support for out growers, while promoting research for the development of new planting material.
“We envisage increasing challenges in market and macro-economic ‎conditions in 2015. We will concentrate on efficiencies in the management of operations across our value chain and continue with our planned long-term industry leadership-focused expansion programme,” he said.
Earlier, Governor Adams Oshiomhole, announced that he had directed the state Ministry of Agriculture to make arrangements for the provision of 20,000 hectres of land to support the company expansion.
The governor, who was represented by the Commissioner for Agriculture and Natural Resources, Abdul Oroh, commended the firm ‎for its environmentally friendly operations.
On his the Governor of Delta State, Dr. Ifeanyi Okowa, who was represented by the Commissioner for Commerce and Industry, Mrs. Mary Iyasere, said that the state government would continue to support development based agricultural ‎investments.

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