Presco Promises More Value for Stakeholders

Presco Plc has pledged to create more job opportunities and value for shareholders by sustaining its ongoing expansion agenda. The company made this pledge in Lagos while receiving an award for sustained dividend payment policy in the last 10 years.

Presco Plc, which is a leading player in the agriculture sector of the Nigerian Stock Exchange (NSE), specialises in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products.

The company emerged as one of the awardees at the maiden edition of the Listed Companies Dividend Payment Awards organised by Third Observers Nigeria Limited.

Speaking after receiving the award, Administration/ Relationships Manager of Presco Plc, Tony Uwajeh, said the company would sustain ongoing expansion drive in the interest of all stakeholders.

Accompanied by Company Secretary, Patrick Uwadia, Uwajeh explained that the company is to also consolidate on its dividend payment policy which commenced over 10 years ago.

In 2010, Presco increased its refinery/fractionation capacity to 100 tonnes per day, which was needed to meet increased production from the plantation, and increasing demand from customers. A state of the art 100ton/day fractionation and Jerry-can filling plant was inaugurated in 2014, while a further expansion to 500 tonnes per day refinery is being planned by the end of 2019.

Speaking earlier, Chairman of the award ceremony, former Vice-Chancellor of the University of Lagos, Prof, Oyewusi IbidapoObe advised Nigerians to invest more in the stock market.

“I believe with more companies listed in stock market, we can turn around the fortune of our country and minimise our dependence on crude oil. I do appreciate what is happening in the capital market presently and it is an opportunity for investors to invest in it. I am using this opportunity to commend Third Observer for rewarding companies that are paying their shareholders dividends, this will encourage more companies.”

Also honoured were Flour Mills of Nigeria Plc (Gold Award), Total Nigeria Plc, Julius Berger Nigeria Plc, Berger Paints Nigeria Plc and Guaranty Trust Bank Plc (Silver award category) and Access Bank Plc. Learn Africa Plc, AG Leventis Nigeria Plc and May and Baker Nigeria Plc (Bronze award).

While commending all stakeholders, Vice Chairman, Third Observer Nigeria Limited, Sir Sunny Nwosu said the purpose of the award was to encourage more companies to pay their shareholders and by extension boost investment in the market.

The management of Presco Plc recently commended staff for their contributions to the growth of the company over the years.