Presco shareholders okay N2bn dividend payment

Shareholders of Presco Plc on Wednesday September 2 approved the payment of N2billion dividend which the board declared for the financial year ended December 31, 2019. The approved dividend of N2billion translates to 200kobo per share, which the shareholders also commended at the company’s 27th Annual General Meeting (AGM) held by proxy at Obaretin Estate, IkpobaOkha Local Government Area, Edo State.

Speaking on behalf of shareholders, Goodluck Akpore, commended efforts by the board and management of Presco Plc to boost the company’s operations, adding that shareholders were particularly impressed with the company’s resolve to pay dividend and sustain growth agenda.

The meeting was held by proxy in accordance with COVID-19 guidelines issued by World Health Organisation (WHO), Nigerian Centre for Disease Control (NCDC), Edo State Government and Corporate Affairs Commission (CAC).

With about 8,000 staff strength, Presco Plc range of products includes Special Palm Oil, Palm Kernel Oil, Refined Bleached and Deodorant Palm Oil, Olein, Stearin, Palm Fatty Acid Distillate and Palm Kernel Cake.

Earlier in his address to shareholders, Pierre Vandebeeck, chairman of Presco Plc, explained that COVID-19 pandemic which has significantly impacted on global economies is also having accounting implications for many entities.

Vandebeeck also disclosed that in the year under review, the construction of a new 350 tons per day palm kernel crushing plant was completed “and so also was the construction of a new 30 tons palm kernel boiler”.

According to him, construction work on the extension of the palm oil mill from 60 tons Fresh Fruit Bunches (FFB) per hour to 90 tons was completed in January 2020. The chairman also said work on the new 500 tons per day vegetable oil refinery has been completed with its commissioning scheduled for this year.

Vandebeeck, who was represented by a Director of the company, Osa Osunde said, “Our company is not difference, which is why we have put in place protective measures in keeping with WHO guidelines to minimize the risk to our workforce and ensure minimum disruptions to operations”.

Making reference to the industry, the chairman said, “Following the moves initiated by the Federal Government to check and fight the illegal importation and malpractices, fourth-quarter (Q4) 2019 witnessed a gradual recovery of average unit selling prices of crude and refined products from the hitherto downward pressure.”