Presco Plc has reported a profit after tax of N88.72bn for the half-year ended 30 June 2025, representing a 128 per cent increase compared to the N38.88bn posted in the same period in 2024.
The palm oil producing company recorded a revenue of N198.74bn in the first half of 2025, up from N88.02bn in the corresponding period of 2024, indicating a 126 per cent growth, contributing significantly to the improvement in profitability during the period under review.
Gross profit for the period rose to N173.25bn from N65.59bn recorded in the same period last year, representing a 164 per cent increase. This pushed gross margin to 87 per cent in H1 2025, compared to 75 per cent in the first half of 2024.
Operating profit stood at N129.80bn in H1 2025, rising 138 per cent from N54.48bn in the same period a year earlier. Earnings before interest, tax, depreciation, and amortisation increased to N132.47bn from N56.72bn.
Despite a rise in net finance costs, which climbed to N17.95bn from N4.42bn, profit before tax still increased 122 per cent to N111.85bn, up from N50.44bn in the prior year. The company paid N23.13bn in taxes during the period, compared to N11.56bn in the first half of 2024.
The firm’s earnings per share rose to 8,872 kobo in H1 2025 from 3,888 kobo in the corresponding period of 2024, reflecting improved returns to shareholders.
Presco’s total assets grew to N612.99bn as of June 30, 2025, up from N475.10bn reported at the end of December 2024. Retained earnings also rose to N220.66bn, compared to N126.73bn in December 2024, while total equity increased to N229.88bn from N211.18bn.
The company’s current ratio improved to 1.37 from 0.98, reflecting a better liquidity position, while the debt-to-equity ratio rose to 1.67, up from 1.25 recorded at year-end 2024.
