Shareholders of Presco Plc have approved payment of final dividend of 660 kobo per share, indicating N6.6billion for the year ended December 31, 2022.

The Company had paid an interim dividend of 200kobo per share, which amounted to N2billion, bringing total dividend paid for the year to N8.6billion, amounting to 860 kobo per share.

In the period under review, the company grew revenue by 71 percent, from N47.43 billion in 2021 to N81.03billion in 2022 while gross profit grew by 57 percent, from N31.75 billion in 2021 to N49.97 billion in 2022.

Addressing the shareholders on Friday at the company’s 30th Annual General Meeting (AGM) held in Benin City, Edo State, Jean Van Gysel, chairman of Presco Plc explained that the dividend payment is an increase of 13.16 percent over same period in 2021.

According to Van Gysel, the final dividend will be paid on Tuesday, October 3, 2023, to shareholders whose names appear on the register of members as at the close of business on Wednesday, September 13, 2023.

The chairman of Presco Plc also commended shareholders and all stakehoders for their support, saying: “On behalf of the Board, I would again like to thank all of our amazing people and teams across the business for all their commitment and hard work during the year.

“I thank my fellow Directors very sincerely for the wonderful work they do for the company’.

Also speaking, Felix Nwabuko, managing director, Presco Plc assured shareholders of improved performance in the years ahead.

Nwabuko also used the opportunity to advise shareholders to identify their Registrars, fill necessary forms as part of measures to tackle reports of unclaimed dividends.

At the meeting, Ezechukwu Augustine, president of Capital Shareholders Association, Abuja commended the Board and Management of the company for the outstanding performance in the year under review.

Van Gysel explained that with the combination of Siat Nigeria Limited operations, Fresh fruit bunches harvest in 2022 was 302,050 tons compared to 233,253 tons in 2021 while Crude Palm Oil produced was 68,998 tons as against 53,775 tons in 2021.

Explaining further, the chairman said Refined, Bleached and Deodorized Oil (RBDO) produced was 55,878 tons, compared to 46,327 tons in 2021 and Olein and Stearin produced was 19,420 tons, as against 17,912 tons in 2021.

“The year under review birthed another exciting news concerning our expansion and growth strategy.

“We concluded plans to commence, in 2023, the planned and necessary construction of a new palm oil mill to cope with the steadily increasing fresh fruit bunches harvests and have same ready for commissioning before the end of the second quarter of 2025.

“When completed, installed capacity for palm oil milling capacity will increase to 170 metric tons per hour,“ he said.