At the 31st Annual General Meeting (AGM) held in Lagos on Thursday, shareholders of Presco Plc endorsed a dividend of N24.30 per share for the year ended December 31, 2023, totaling N24.3 billion. Additionally, shareholders authorized the company’s directors to raise additional capital through debt finance, equity raising, or a combination thereof.
Empowering the directors to invest indirectly or through subsidiaries and acquire assets or majority shares of relevant companies within the same line of business was also approved.
Including the interim dividend of 200 kobo per 50 Kobo share, which amounted to N2 billion, the total dividend for 2023 stands at N26.30 per share, totaling N26.3 billion.
During the period under review, Presco Plc experienced a 26.4 percent increase in revenue, reaching N102.42 billion in 2023 from N81.03 billion in 2022. Profit After Tax soared to N32.86 billion, marking a significant 152 percent increase from the previous year.
Rasheed Sarumi, Chairman of Presco Plc, reiterated the board’s commitment to upholding the highest standards of corporate governance. He highlighted the annual Board Assessment conducted by international corporate consultant Grant Thornton Consultants, whose report ensures compliance with the Securities and Exchange Commission (SEC) Code and the 2018 National Code of Corporate Governance Practice.
Sarumi assured shareholders of Presco Plc’s dedication to capitalizing on business opportunities within Nigeria and the ECOWAS sub-region to achieve strategic growth objectives. He emphasized the company’s commitment to operational excellence and maintaining rigorous corporate governance standards.
Felix Nwabuko, Managing Director/Chief Executive Officer, reassured shareholders and stakeholders of a promising future for Presco Plc.
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Reporting by Godwin Okafor, The Naija247news in Lagos, Nigeria.
