Presco Plc has announced a pre-tax profit of N53.2 billion for the second quarter ended 30 June 2025, marking a 156 per cent increase from the N20.7 billion recorded in the same period last year.
The result brought the company’s half-year pre-tax profit to N111.8 billion, up 121.76 per cent from H1 2024, supported by a substantial rise in revenue.
Sales in Q2 surged by 130.79 per cent year-on-year to N104.9 billion, lifting total revenue for the first half of the year to N198.7 billion, more than double the N88 billion posted in the corresponding period of 2024.
The entirety of Presco’s revenue was derived from the sale of crude and refined palm oil products. Nigerian operations contributed N146.4 billion, while the Ghanaian market added N52.2 billion to the group’s earnings.
Cost of sales rose by 30.36 per cent to N17.8 billion in the second quarter, but this was outweighed by the steep increase in topline, pushing gross profit up to N87.1 billion, compared to N31.7 billion a year earlier.
Operating expenses also increased significantly, led by a sharp rise in administrative costs, which jumped 207.17 per cent to N23.2 billion in Q2. Despite this, the company posted an operating profit of N60.7 billion, more than twice the N22.7 billion reported in Q2 2024.
Finance costs rose in line with increased borrowing, with interest on loans climbing by 319.27 per cent to N8.9 billion. Even so, net profit reached N41.1 billion for the quarter, reflecting a 177.59 per cent rise over last year’s result.
Presco’s balance sheet showed further expansion, with total assets increasing by 29 per cent to N612.9 billion. Retained earnings climbed to N220.6 billion from N126.7 billion as of December 2024, underscoring the company’s improved financial position.
Managing Director Reji George, commenting on the company’s outlook, said:
“We are well-positioned to sustain this momentum, with our robust operational capacity and strategic initiatives expected to drive continued growth and value creation for our stakeholders.”
As of the close of trading on 29 July 2025, Presco Plc shares were priced at N1,550 on the Nigerian Exchange, representing a year-to-date return of 226.32 per cent.
