Presco Reports N151.5bn Pre-Tax Profit as Borrowings Fall 57% to N137.1bn

Presco Plc reported profit before tax of N151.5bn for the nine months ended September 30, 2026, an 8.5% year-on-year increase, according to Punch Newspapers. The integrated edible oil company submitted the report to the NGX on Monday, with group gross profit of N202.8bn and margins above 73%.

Presco's Standalone Profit and Debt Reduction

Presco's standalone operation recorded a 12.7% rise in profit before tax to N96.9bn, while standalone profit after tax rose 11.9% to N68.7bn. Revenue from Nigeria increased 12.7% to N222.0bn, and standalone cost of sales declined 6.2% to N46.2bn on internal cost management measures.

Total borrowings fell 57% to N137.1bn, a reduction of N180.2bn. Group liabilities dropped 42.4% to N278.2bn, cutting group finance costs 34.5% from N30.0bn to N19.6bn. Shareholders' equity grew 10.1% to N487.3bn, retained earnings rose to N253.5bn, and cash stood at N135.2bn as of September 30, 2026.

Managing Director and Chief Executive Officer Reji George said disciplined cost control and productivity optimisation across the supply chain supported the results. "Our diversified operational approach and strategic investments have enabled us to withstand economic headwinds while delivering growth," George said. He said fresh fruit bunches production from the recently acquired Saro Oil Palm Limited plantation begins in the fourth quarter. Presco's operations are supported by subsidiaries including Ghana Oil Palm Development Company Limited and Siat Nigeria Limited.

Presco's Interim Dividend and Ogun Investment

Presco proposed an interim dividend of N10 per share, about N11.6bn, after H1 2026 pre-tax profit of N122.2bn, up 9.3% year-on-year, Businessday reported. The company also concluded plans to establish operations in Ogun State with an initial investment of about $100 million, Premium Times Nigeria reported, with total investment expected to reach between $150 million and $200 million.

In August 2026, the Court of Appeal, Benin Judicial Division, set aside a Federal High Court ruling of December 11, 2025 that had nullified Presco's 2025 AGM and restrained its rights issue, Vanguard News reported.

Saro Oil Palm Fruit Due in Fourth Quarter

George said fresh fruit bunches production from the Saro Oil Palm Limited plantation commences in the fourth quarter of 2026. Presco said its operations continue to strengthen its footprint across the West African region.