Presco Plc, a leading Nigerian agribusiness and palm oil refining firm, has announced plans to construct a biogas generator and a new jetty capable of receiving 10,000 metric tonnes of cargo by 2013 and 2020, respectively.
The company made the disclosure on Tuesday during its “Facts Behind the Figures” presentation on the floor of the Nigeria Stock Exchange.
The Managing Director/Chief Executive Officer, Presco Plc, Mr. Uday Pilani, told stockbrokers that the move was part of the company’s expansion plan, aimed at positioning it to better serve its customers and shareholders.
The plan, he added, would see the company establish a Biotec-Bio Methane gas generator, a research and development centre to specifically train Nigerians; expand its storage facilities and boost its refining capacity for palm oil.
In executing the plan, Pilani said the company was expected to employ more than 1,000 people in addition to the over 3,500 people currently in its employ. The goal, he added, was to build “an economically viable entity of 20,000 hectares of palm and 10, 000 hectares of rubber by the 2020.”
Talking up what he described as the hidden values of the company’s shares, the Presco Plc boss told stockbrokers that the company had consistently paid dividends since it was listed on the Exchange. He added that the company had increased the number of its out-growers by 100 per cent, adding that it was making concerted efforts in rubber cultivation. According to him, the firm now owns 32,000 hectares of land, of which 11, 799 hectares were planted areas.
He urged investors to take all these into consideration, do some additional research and invest in the company, as the future of its shares was bright.
In his remarks, the Chief Executive Officer of the NSE, Mr. Oscar Onyema, commended the company for its “outstanding history” and for being one of the largest employers of labour in Edo and Delta states. He also commended it for its contribution to the economy.
Onyema said, “Notwithstanding the not too impressive performance of the agriculture sector in the nation’s economy, Presco Plc has continued to thrive and has remained the toast of discerning investors in our market since it was listed on the Nigerian Stock Exchange ten years ago.
“It has consistently rewarded investors’ loyalty; its dividend payout of 100 kobo in 2011 represented an increase of 100 per cent, compared with the 50 kobo it paid in 2010; from the year opening value of N8.67, the stock of the company traded on Monday at N14.90, representing a capital appreciation of 42 per cent.”