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Presco’s Full Year profit dips by N349.448 million as revenue falls

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Presco’s Full Year profit dips by N349.448 million as revenue falls

Leading agro-industrial and oil palm processing firm, Presco Plc, has recorded an 8.2% slump in its after-tax profit, translating to N1.463 billion, for Full Year 2019.

This and other details of its financials are published in Presco’s Condensed Interim Financial Statements for the Year Ended 31 December 2019, posted on the website of the Nigerian Stock Exchange (NSE) on Thursday.

Revenue plummeted by 6.9% from N21.345 billion at FY2018 to N19.882 billion at the relative period of 2019.

Result Before Tax shrank  to N5.519 billion in the period under review from N6.321 billion at FY2018, translating to 12.7% plunge.

Result of the Period or profit declined by 8.2% to N3.935 billion at FY2019 from the N4.284 billion posted at FY2018.

Earnings Per Share (EPS) decreased from N4.28 at FY2018 to N3.79 in the corresponding period of 2019, signalling an 11.4% slump.

Read also: FBN Holdings’ profit hits N61.947bn at Full Year 2019

Incorporated in 1991, Presco’s operations span oil palm cultivation, extraction, refining and fractioning of crude palm oil into finished products.

It last paid a dividend of N2 per share with a dividend yield of 3.88%.

Presco currently has outstanding shares of 1 billion with a market capitalisation of N52.250 billion.

It is trading on the floor of the NSE at N52.25 per share.

Earnings Per Share is the profit that each unit of a company’s ordinary shares  yields  during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares.  Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.

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