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Presco Plc, a fully-integrated agro-industrial company, has released its 2015 audited report and financial statement, showing that after-tax profit fell 55.3 percent year-on-year to N2.32 billion, as against N5.19 billion profit the company reported in 2014.

The decline in Presco’s profit in 2015 resulted from a sharp fall in income from biological assets revaluation in the period under review. (Biological assets are income-producing animals or plants such as mammals, plantations, orchards, trees, etc.)
 
Presco, the Nigerian market leader for specialty fats and oils, said gains on its biological assets revaluation fell 75.4 percent to N1.06 billion in 2015 compared with N5.77 billion recorded in 2014.

Revenue, however, rose 14.3 percent to N10.45 billion in 2015 compared with N9.14 billion recorded in 2014. Total assets rose 11.4 percent from N49.82 billion in 2014 to N55.48 billion last year.

Presco, a subsidiary of Siat, a Belgian agro-industrial company, controls three oil palm estates in Nigeria: the 7,000-hectare Obaretin Estate, the 11,000-hectare Ologbo Estate (both located in Edo State), and the 2,800-hecatare Cowan Estate, located in Delta State.

Aside from plantations, Presco owns a palm oil mill, a palm kernel crushing plant and a vegetable oil refining and fractionation plant. The company’s facilities are reputed to be the largest in West Africa.

For the full-year 2015, Presco said basic earnings per share fell to N2.32 per share compared with N5.19 per share in the previous year.

The company’s stock fell 1.9 percent to close at N35.02 per share on the Nigerian Stock Exchange on Thursday.