Presco Plc has reported a stronger financial performance for the nine months ended September 30, 2026, with its profit before tax rising by 8.5 per cent year-on-year to N151.5bn.
The company disclosed this in its financial statement filed with the Nigerian Exchange (NGX) on Monday, noting that the increase in profitability came despite persistent inflationary pressures in the domestic market and falling global edible oil prices. The performance was attributed to its operational resilience and effective balance sheet management.
The integrated edible oil company’s standalone operations recorded a 12.7 per cent year-on-year increase in profit before tax to N96.9bn, while profit after tax also grew by 11.9 per cent to N68.7bn during the nine-month period.
Its revenue from Nigeria rose by 12.7 per cent to N222.0bn, while group gross profit stood at N202.8bn, maintaining healthy margins of over 73 per cent. Meanwhile, standalone cost of sales fell by 6.2 per cent to N46.2bn, reflecting the impact of the company’s internal cost-control measures.
The group also recorded a significant decline in its debt profile, reducing total borrowings by 57 per cent to N137.1bn, representing a decrease of N180.2bn. Similarly, total group liabilities fell by 42.4 per cent to N278.2bn, contributing to a 34.5 per cent reduction in finance costs from N30.0bn to N19.6bn.
Meanwhile, shareholders’ equity increased by 10.1 per cent to N487.3bn, driven by growth in retained earnings, which stood at N253.5bn. The company also reported a cash balance of N135.2bn as of September 30, 2026.
Commenting on the performance, Presco Plc’s Managing Director and Chief Executive Officer, Reji George, attributed the positive results to strict cost management and improved productivity across the company’s supply chain.
George stated that the company’s integrated business operations remained strong and positioned for sustained growth, noting that effective cost management and improved productivity across its plantations, processing plants and supply chain had contributed significantly to its financial performance.
He added that Presco’s diversified operations and strategic investments had strengthened its ability to navigate economic challenges while maintaining business growth.
According to him, the commencement of fresh fruit bunches production at the recently acquired Saro Oil Palm Limited plantation in the fourth quarter was expected to further increase the company’s production capacity and boost profitability.
He further noted that as the year draws to a close, Presco’s priorities remain centred on improving operational efficiency, increasing production capacity and strengthening its sustainability initiatives. He expressed confidence that the company would end 2026 on a strong note and create lasting value for shareholders, driven by its resilient business model and proactive management strategy.
The company also highlighted that its operations, backed by subsidiaries such as Ghana Oil Palm Development Company Limited and Siat Nigeria Limited, continue to expand its presence and strengthen its position across the West African region.
