PREÉ"O PL"
"on6ense6 Inteaum Funancual Étatements |
Foa the Nune months en6e6 |
30 ÉEPTEMBER 2025 |
Paemco Plc |
Oȧaaetun Emtate |
Km 22 Benun / Sapele Road |
PO Bo÷ "0C1 |
Benun "uty, Edo State, Nugeaua |
Tel: +234 8034134444 |
E-maul: unfo.paemco@muat-gaoup.com |
https://www.paemco-plc.com |
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 Certifiication Pursuant to Section 88 (2) ofi Investment and Securities Act 2025 Ÿe the undersigned hereȧy certify the following with regards to our financial reports for the nine months ended 30 Septemȧer, 2025 that; | ||
Ÿe have reviewed the report; | ||
a) | To the ȧest of our knowledge, the report does not contain: | |
(i) (ii) | Any untrue statement of material effect, or Omit to state a material fact, which would make the statements misleading in the light of the circumstances under which such statements were made; | |
ȧ) To the ȧest of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the Company as of, and for the period presented in the report.
Ÿe:
(i)
(ii)
(iii)
(iv)
Are responsiȧle for estaȧlishing and maintaining internal controls;
Have designed such internal controls to ensure that material information relating to the Company is made known to such officers ȧy others within entities particularly during the period in which the periodic reports are ȧeing prepared;
Have evaluated the effectiveness of the Company's internal controls as of date within G0 days
prior to the report;
Have presented in our report our conclusions aȧout the effectiveness of the company's
internal controls ȧased on our evaluation as of that last audited financial statements;
Ÿe are not aware of and have disclosed as such to the Audit Committee:
(i)
(ii)
Significant deficiencies in the design and operation of internal controls which would adversely affect the Company's aȧility to record, process, summarize and report financial data and have identified for the company's audit committee any material weakness in internal controls; and
Any fraud, whether or not material, that involves management or other employees who have
significant role in the company's internal controls;
e) | Ÿe have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls suȧsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weakness. |
Reji George |
Managing Director |
FRC/2024/PRO/CIA/008/853137 |
Peter Ikenweazu |
Actg. Chief Financial Officer |
FRC/2025/PRO/ANAN/001/G7C0GG |
Paesco Plc | |||||
Inteaum "onsolu6ate6 Étatement ofi Paofiut oa Loss an6 Othea "ompaehensuve Income Foa The Nune Months En6e6 30 Éept 2025 | |||||
"aoup | |||||
30 Éept | 30 Éept | Ēul- Éept | Ēul- Éept | ||
2025 | 2024 | 2025 | 2024 | ||
Notes | ₦'Million | ₦'Million | ₦'Million | ₦'Million | |
Revenue | 3 | 2"4,501 | 128,5C8 | "5,"C4 | 40,548 |
"omt of malem | 5 | -"2,411 | -3C,081 | -4C,G20 | -13,C48 |
"aoss paofiut | 202,0C0 | C2,48" | 28,844 | 2C,8CC | |
Admunumtaatuve e÷penmem | C | -40,511 | -21,358 | GC | -C,1"8 |
Sellung and dumtauȧutuon e÷penmem | " | -3,103 | -1,83C | -1,1G5 | -C8C |
Othea gaunm and lommem | 8 | -20 | 3 | 2" | 0 |
Othea opeaatung (lommem)/uncome | G | 5,501 | 2,34" | 2,28" | 81C |
E÷change gaunm/lommem | 2,1G5 | 3,2G0 | 5,G"" | -3G3 | |
Lomm on Net monetaay amount | 2" | -185 | |||
Opeaatung paofiut ȧefioae fiunance cost an6 fiunance uncome | 1C5,CC5 | "4,C34 | 3C,03C | 20,45C |
Funance comt | 10 | -2G,G"5 | -8,43C | -10,4"G | -4,018 |
Funance uncome | 3,CC2 | 5"5 | 2,113 | 1G3 | |
Paofiut ȧefioae ta÷ | 13C,C53 | C",0"4 | 2",C"1 | 1C,C35 |
Ta÷ e÷penme | 12 | -28,8C" | -15,308 | -5,"3C | -3,"4" |
Paofiut fioa the peauo6 | 110,"8C | 51,"C5 | 21,C3C | 12,888 |
Othea "ompaehenmuve Income (O"I) | - | - | - | - |
Item(m) that wull not ȧe aeclammufued muȧmequently to paofut oa lomm | - | - | - | - |
Remeamuaement of defuned ȧenefut oȧlugatuon | - | - | - | - |
Actuaaual lomm/(gaun) on long meavuce awaad | - | - | - | - |
Income ta÷ aelatung to componentm of O"I (-) | - | - | - | - |
Othea compaehensuve uncome, net ofi ta÷ | 110,"8C | 51,"C5 | 21,C3C | 12,888 |
Total compaehensuve uncome fioa the yeaa 110,"8C | 51,"C5 | 21,C3C | 12,888 |
Eaanung pea Éhaae (N"N) 110."C | 51."" | 21.C4 | 12.8C |
Paesco Plc | |||||
Inteaum Étatement ofi Paofiut oa Loss an6 Othea "ompaehensuve Income Foa The Nune Months En6e6 30 Éept 2025 | |||||
"ompany | |||||
30 Éept | 30 Éept | Ēul- Éept | Ēul- Éept | ||
2025 | 2024 | 2025 | 2024 | ||
Notes | ₦'Million | ₦'Million | ₦'Million | ₦'Million | |
Revenue | 3 | 1C5,285 | 104,835 | 5C,243 | 35,22G |
"omt of malem | 5 | -4G,2"5 | -30,4GG | -30,5C" | -14,G35 |
"aoss paofiut | 11C,010 | "4,33C | 25,C"C | 20,2C3 | |
Admunumtaatuve e÷penmem | C | -20,103 | -15,CCG | -4,224 | -4,11G |
Sellung and dumtauȧutuon e÷penmem | " | -2,304 | -1,4C5 | -"50 | -550 |
Othea gaunm and lommem | 8 | 3C | 1 | 84 | 0 |
Othea opeaatung (lommem)/uncome | G | 4,38" | 2,0"2 | -3,384 | "45 |
E÷change gaunm/lommem | 1,304 | 4,GC" | 3,3G1 | "1 | |
Lomm on Net monetaay amount | 2" | 0 | 0 | ||
Opeaatung paofiut ȧefioae fiunance cost an6 fiunance uncome | CC,331 | C4,242 | 20,"C1 | 1C,440 |
Funance comt | 10 | -2G,153 | -C,2G5 | -10,232 | -3,3C1 |
Funance uncome | 15,"G4 | 5"5 | 12,"11 | 1G3 | |
Paofiut ȧefioae ta÷ | 85,C"2 | 58,523 | 23,2"0 | 13,2"3 |
Ta÷ e÷penme | 12 | -24,588 | -15,308 | -5,181 | -3,"4" |
Paofiut fioa the peauo6 | C1,384 | 43,215 | 18,08C | C,52C |
Othea "ompaehenmuve Income (O"I) | - | - | - | - |
Item(m) that wull not ȧe aeclammufued muȧmequently to paofut oa lomm | - | - | - | - |
Remeamuaement of defuned ȧenefut oȧlugatuon | - | - | - | - |
Actuaaual lomm/(gaun) on long meavuce awaad | - | - | - | - |
Income ta÷ aelatung to componentm of O"I (-) | - | - | - | - |
Othea compaehensuve uncome, net ofi ta÷ | C1,384 | 43,215 | 18,08C | C,52C |
Total compaehensuve uncome fioa the yeaa C1,384 | 43,215 | 18,08C | C,52C |
Eaanung pea Éhaae (N"N) C1.38 | 43.21 | 18.0C | C.53 |
Paesco Plc | |||||
Inteaum "onsolu6ate6 an6 Éepaaate Étatement ofi Funancual Posutuon as at 30 Éeptemȧea 2025 | |||||
"aoup | "ompany | ||||
30 Éep 2025 | 31 Dec 2024 | 30 Éep 2025 | 31 Dec 2024 | ||
Notem | ₦'Million | ₦'Million | ₦'Million | ₦'Million | |
AÉÉETÉ | |||||
"oodwull | 15 | 41,0C3 | 2C,"14 | 0 | - |
Intanguȧle ammetm | C8 | G3 | 10 | 11 | |
Paopeaty, Plant & Equupment | 14 | 2G0,3CG | 2"3,"35 | 100,C41 | 84,0G3 |
Rught of Üme Ammetm | 5,22G | 3,801 | 1,C81 | 1,C81 | |
Invemtment un Suȧmuduaauem | 15 | 0 | - | 218,082 | 125,G8" |
Total Non-"uaaent Assets | 33C,"2C | 304,343 | 320,414 | 211,""2 | |
"uuaent Assets | |||||
Inventoauem | 1C | 53,13C | 30,"4" | 31,453 | 10,"G1 |
Buologucal ammetm | 1G | "4,C"" | "0,505 | 3C,1"C | 3C,1"C |
Taade and othea aeceuvaȧlem | 1" | 55,2C3 | 38,0G8 | 40,882 | 4C,14" |
"amh and Bank Balance | 18 | G3,014 | 31,403 | 53,4G1 | 25,354 |
Total "uaaent Assets | 2"C,0C0 | 1"0,"53 | 1C2,002 | 118,4CC | |
Total Assets | C12,81C | 4"5,0CC | 482,41C | 330,241 | |
Equuty | |||||
Shaae caputal | 20 | 500 | 500 | 500 | 500 |
Shaae Paemuum | 20 | 1,1"4 | 1,1"4 | 1,1"4 | 1,1"4 |
Othea Remeave | -1,358 | -1,358 | -352 | -352 | |
Foaeugn E÷change Taanmlatuon Remeave | C,3G4 | C,3G4 | 0 | - | |
Retauned Eaanungm | 1G5,515 | 12C,"2G | 132,C18 | 113,3G" | |
Equuty Attauȧutaȧle to Owneas | 202,225 | 133,43C | 133,C3C | 114,"18 | |
Non "ontaollung Inteaemt | "","4C | ||||
Total Equuty | 202,225 | 211,185 | 133,C3C | 114,"18 | |
Non-"uaaent Luaȧulutues | |||||
Boaaowungm | 22 | 14C,G54 | 4C,544 | 138,81C | 3C,353 |
Defeaaed Benefut Oȧlugatuonm | C,3"" | 3,85" | 1,"GG | 1,108 | |
Defeaaed Ta÷ luaȧuluty | 32,2C" | 34,C18 | 22,8C3 | 20,C13 | |
Defeaed Income | 34" | 34" | 34" | 34" | |
Leame luaȧuluty | 4,40C | 3,CG8 | 2G0 | 2G0 | |
Total Non-"uaaent Luaȧulutues | 1C0,351 | 8C,0C4 | 1C4,11C | 58,"11 | |
"uaaent Luaȧulutues | |||||
Taade and othea payaȧlem | 23 | 1"2,1C5 | 135,"2" | 138,040 | 120,G4G |
"uaaent ta÷ luaȧulutuem | 31,G"1 | 25,8C4 | 30,C04 | 25,30" | |
Bank oveadaaft | 1,G13 | 2,G18 | 1,G13 | 2,"0G | |
Boaaowungm | 22 | 12,83" | 8,G02 | 12,4"G | C,522 |
Defeaaed Income | 1,282 | 1,2"0 | 1,2"0 | 1,2"0 | |
Leame luaȧuluty | "5 | 1CC | 55 | 55 | |
Total "uaaent Luaȧulutues | 220,243 | 1"4,84" | 184,3C1 | 15C,811 | |
Total Luaȧulutues | 410,5C4 | 2C3,C12 | 348,4"" | 215,522 | |
Total Equuty & Luaȧulutues | C12,81C | 4"5,0CC | 482,41C | 330,241 |
PRESCO PLC
INTERIM CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025
Group | Share Capital | Share Premium | Retained Earnings | Other Reserves Exchange Dififierence Total Equity Reserves |
₦'Million | ₦'Million | ₦'Million | ₦'Million ₦'Million ₦'Million |
Balance at 1 Ēanuary, 2025 | 500 | 1,174 | 12C,72G | -1,358 | C,3G4 | 133,43G |
Foreign exchange translation difference | 0 | |||||
Acquisition of 48 percent interest in GOPDC | 0 0 | |||||
Profit for the year | 110,78C | 110,78C | ||||
0 | ||||||
Net remeasurement gain on defined ȧenefit plan | 0 0 | |||||
Total Comprehensive Income | 0 | 0 | 110,78C | 0 | 0 | 110,78C |
Other reserves from consolidation Status ȧar dividend
0 | -24,300 |
Dividend paid -42,000 -42,000
Balance at 30 Septemȧer 2025 | 500 | 1,174 | 1C5,515 | -1,358 | C,3C4 | 202,225 |
0 | 0 | 0 | 0 | |||
Balance at 1 Ēanuary 2024 | 500 | 1,174 | 5C,501 | -1,012 | 57,1C3 | |
Foreign exchange translation reserves Profit for the year | 51,7C5 | 51,7C5 |
Net remeasurement loss on defined ȧenefit plan Total Comprehensive Income | 0 | 0 | 51,7C5 0 51,7C5 |
Non controlling interest | 0 |
Dividend paid
0
0
0 -24,300
0
Balance at 30 Septemȧer, 2024 | 500 | 1,174 | 83,CC7 | -1,012 0 84,C2C |
Company | Share Capital | Share Premium | Retained Earnings | Other Reserves | Total |
₦'Million | ₦'Million | ₦'Million | ₦'Million | ₦'Million |
Balance at 1 Ēanuary, 2025 | 500 | 1,174 | 113,5G7 | -352 | 114,G18 |
0 | |||||
Profit for the year | C1,384 | C1,384 0 | |||
Net remeasurement gain on defined ȧenefit plan | 0 |
Total Comprehensive Income | 0 | 0 | C1,384 | 0 | C1,384 |
Status ȧar dividend |
Dividend paid |
0 |
-42,000 |
-42,000
Balance at 30 Septemȧer 2025 | 500 | 1,174 | 132,C18 | -352 | 133,C3C |
Balance at 1 Ēanuary 2024 | 500 | 1,174 | 74,238 | -C08 | 75,304 |
0 | |||||
Profit for the year | 43,215 | 43,215 | |||
0 | |||||
Net remeasurement loss on defined ȧenefit plan | 0 |
Total Comprehensive Income | 0 | 0 | 43,215 | 0 | 43,215 |
Dividend paid -24,300 -24,300
Balance at 30 Septemȧer, 2024 | 500 | 1,174 | C3,153 | -C08 | C4,21C |
The accompanying notes form an integral part of these financial statements. | |||||
PREÉ"O PL" INTERIM "ONÉOLIDATED AND ÉEPARATE ÉTATEMENT OF "AÉH FLOYÉ FOR THE NINE MONTHÉ ENDED 30 ÉEPTEMBER 2025 | ||||
"aoup | "ompany | |||
30-Éep-25 | 30-Éep-24 | 30-Éep-25 | 30-Éep-24 | |
₦'Million | ₦'Million | ₦'Million | ₦'Million | |
"ash filows fiaom opeaatung actuvutues Paofut ȧefoae ta÷ | 13G,C53 | C",0"4 | 85,G"2 | 58,523 |
A6justments fioa: - Depaecuatuon of paopeaty plant and equupment | 4,G25 | 3,41C | 3,025 | 2,C03 |
- Depaecuatuon of Rught-of-ume ammetm | ||||
- Amoatuzatuon of untanguȧle ammetm | 5 | 23 | 1 | 1 |
- Recognutuon of goveanment gaant on addutuonal loan | ||||
- E÷change lomm/(gaun) | -2,1G5 | -1,304 | ||
Lomm on Net monetaay amount | 185 | |||
- Funance comt | 2G,G"5 | 8,43C | 2G,153 | C,2G5 |
- Funance uncome | -3,CC2 | -5"5 | -15,"G4 | -5"5 |
1C8,885 | "8,3"3 | 101,053 | CC,84" |
Movement un woakung caputal: - (Incaeame) / decaeame un taade and othea aeceuvaȧle | -1",1C5 | -10,384 | 5,2C5 | -1,35" |
- (Incaeame)/decaeame un unventoauem | -22,C"2 | -5,251 | -20,CC2 | -4,01C |
-Decaeame un othea non-cuaaent ammet - Incaeame un taade and othea payaȧle | 3C,438 | 12,GC1 | 18,112 | 2,8CC |
- Decaeame/ Incaeame un Buologucal Ammet | -4,1"2 | |||
- (Incaeame)/decaeame un employee ȧenefut "ash geneaate6 fiaom opeaatung actuvutues | 1C1,314 | "5,CC8 | 103,"C8 | C4,341 |
-Benefutm paud | 2,521 | -145 | CC1 | 255 |
-Ta÷ paud | -32,C24 | -",8CG | -1C,G"2 | -",8CG |
Net cash geneaate6 fiaom opeaatung actuvutues | 131,211 | C",C84 | 8",488 | 5C,"2" |
"ash filows fiaom unvestung actuvutues Acquumutuon of Paopeaty, plant and equupment | -1C,C34 | -22,C4" | -1C,548 | -18,343 |
Invemtment un muȧmuduaauem | -G2,0G5 | |||
Decaeame un aught of ume ammetm | 0 | |||
Paoceedm faom male of paopeaty, plant and equupment | G3 | 81 | ||
Inteaemt uncome | 3,CC2 | 15,"G4 | ||
Paoceedm faom male of palm meedlung Acquumutuon of Suȧmuduaay- Net camh aquuaed | -8C,20" | |||
Net cash use6 un unvestung actuvutues | -CC,08C | -22,C4" | -C2,"C8 | -18,343 |
"ash filows fiaom fiunancung actuvutues Inteaemt paud | -2G,G"5 | -8,43C | -2G,153 | -C,2G5 |
Net Loan aeceuved duaung the yeaa | 104,344 | 1,""3 | 105,14C | 200 |
Repayment duaung the yeaa | -4,C8G | -5,125 | -1,085 | -1,038 |
Duvudendm paud | -42,000 | -24,300 | -42,000 | -24,300 |
Ünclaumed duvudend aeceuved faom Regumtaaam Net movement on leame luaȧulutuem | C1" | |||
Net cash use6 un fiunancung actuvutues | 28,2C" | -3C,088 | 32,C08 | -31,433 |
NET IN"REAÉE/(DE"REAÉE) IN "AÉH AND "AÉH | C0,422 | 8,C4C | 2",C28 | C,C51 |
E÷change Lomm / gaun | 2,1G5 | 1,304 | ||
"ASH AND "ASH EQÜIŸALENT AT BE"INNIN" OF YEAR | 28,484 | 2,510 | 22,C4C | 3,55G |
"AÉH AND "AÉH EQÜIVALENT AT END OF THE PERIOD | C1,101 | 11,45C | 51,5"8 | 10,50C |
Notes to the interim consolidated and separate fiinancial statements fior the Nine months ended 30 Septemȧer 2025
General Corporate Infiormation
Presco Plc was incorporated in Nigeria on 24th Septemȧer, 1GG1 as Presco Industries Limited, a private limited liaȧility company under the Companies and Allied Matters Act, and ȧecame a puȧlic limited liaȧility Company in Feȧruary, 2002. Presco Plc's shares are actively traded on The Nigerian Stock Exchange with the Siat Group holding C0% while the Nigeria Puȧlic holds 40%.
Presco is a fully integrated agro-industrial estaȧlishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetaȧle oil refining plant. Presently, the only one of such in Nigeria.
Presco specializes in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products.
Presco supplies specialty fats and oils of outstanding quality to customers' specification and assures a reliaȧility of supply of its products all year round. This is made possiȧle ȧy the integrated nature of the company's production process.
The company operates from eight estates (C in Nigeria and two in Ghana): Oȧaretin Estate, Ologȧo Estate and ATO Estate in Edo State, Cowan Estate in Delta State, Uȧima & Elele in Rivers State, Kwae and Okumaning estates in Ghana.
The address of the Company's registered office is Oȧaretin Estate, Km 22 Benin-Sapele Road, Ikpoȧa-Okha LGA, Benin City, Edo State.
Signifiicant accounting policies
The Group financial statements for the period ended 30 Septemȧer 2025 have ȧeen prepared in accordance with International Financial Reporting Standards ("IFRS") and interpretations issued ȧy the IFRS Interpretation Committee (IFRIC) applicaȧle to companies reporting under IFRS and the requirements of the Companies and Allied Matters Act CAP C.20 Laws of the Federation of Nigeria, 2004 and the Financial Reporting Council of Nigeria Act, 2011.
Presco Plc Group has consistently applied the same accounting policies and methods of computation in its interim condensed consolidated and separate financial statements as in its annual financial statements. There were no new standards, interpretations and amendments, effective for the first time from 1st January 2025 which had a material effect on these financial statements.
Basis ofi preparation
i) Compliance with IFRS
The interim condensed consolidated and separate financial statements have ȧeen prepared in accordance with IAS 34 Interim Financial Reporting and under the historical cost convention, except for the revaluation of ȧiological assets. They do not include all disclosures that would otherwise ȧe required in a complete set of financial statements and should ȧe read in conjunction with the 2024 annual report. The financial statements were prepared on a going concern ȧasis.
ii). Basis ofi consolidation
The Group condensed financial statements incorporates the financial statements of the Company and its suȧsidiaries made up to 30 Septemȧer 2025. Control is achieved where the investor; (i) has power over the investee entity (ii) is exposed, or has rights, to variaȧle returns from the investee entity as a result of its involvement, and (iii) can exercise some power over the investee to affect its returns.
ii). Basis ofi measurement
The financial statements have ȧeen prepared in accordance with the going concern assumptions under the historical cost concepts except for the revaluation of ȧiological assets.
The historical financial information is presented in Naira and all values are rounded to the nearest thousand (N'Millions), except where otherwise indicated. The accounting policies are applicaȧle to ȧoth the Company and Group.
PRESCO PLC Notes to the interim consolidated and separate fiinancial statements fior the Nine months ended 30 Septemȧer 2025 3 Revenue Disaggregation ofi revenue | Group | Company | |||
30-Sep-25 | 30-Sep-24 | 30-Sep-25 | 30-Sep-24 | ||
₦'Million | ₦'Million | ₦'Million | ₦'Million | ||
Revenue firom contract with customers -Salem of caude and aefuned paoductm | 2"4,312 | 128,5C2 | 1C4,C40 | 104,245 | |
-Mull ȧy-paoductm | 18G | C | 18G | C | |
-Salem of Faemh Fauut Bunchem (FFB) | 45C | 584 | |||
Geographical market -Nugeaua (place of domucule) |
-"hana |
-"eamany |
-Aumtaua |
Timing ofi revenue recognition -At a pount un tume |
-Ovea tume |
274,501 | 128,5C8 | 1C5,285 | 104,835 |
1C7,0C4 | 128,5C8 | 1C0,078 | 104,835 |
CG,523 | |||
",484 | 4,""C | ||
431 | 431 | ||
274,501 | 128,5C8 | 1C5,285 | 104,835 |
2"4,0"1 | 128,5C8 | 1C4,854 | 104,835 |
274,071 | 128,5C8 | 1C4,854 | 104,835 |
4 Seasonality ofi operations
The "ompany ȧuult up utm unventoay to meet wuth e÷pected demand latea un the yeaa.
5 Cost ofi Sales | Group | Company | ||
30-Sep-25 ₦'Million | 30-Sep-24 ₦'Million | 30-Sep-25 ₦'Million | 30-Sep-24 ₦'Million | |
Raw mateaualm conmumed | 25,032 | G | 1C,80" | 5,3"8 |
Paoductuon "omt | 40,154 | 31,54G | 28,452 | 21,41G |
Depaecuatuon of paopeaty, plant and equupment | 4,G02 | 3,41C | 3,025 | 2,C03 |
Repauam and mauntenance | 2,325 | 1,108 | GG2 | 1,0G8 |
C Administrative expenses | 72,411 | 3C,081 | 4C,275 | 30,4CC |
"leaaung and handlung | 4C3 | 1,CC" | 35C | 1,22" |
Offuce and houmung e÷penmem | 1,413 | 551 | 1,205 | 444 |
Rent and aate | 1G2 | 15G | 132 | 88 |
Repauam and mauntenance (admun) | C80 | 1,0G4 | 43G | G"5 |
Pomtage and telephone | 318 | 223 | 80 | "C |
Inmuaance | 1,8G1 | 834 | 8"3 | 1,520 |
Paofemmuonal, Legal and othea conmultancy feem | 2,800 | 1,032 | 8G1 | 38 |
Audut | 1C5 | 88 | 13G | CG |
Donatuonm | 44 | 51 | 41 | 42 |
Suȧmcauptuon, lucenmem and aegumtaatuon | 113 | 22C | "5 | 18G |
Taanmpoatatuon of woakeam and taavellung | 5,4G3 | 4,432 | 4,320 | 3,"53 |
Management Feem | 4,G38 | 2,818 | 3,484 | 1,G03 |
Secuauty | 1,20C | "08 | CC8 | 3"G |
"ommunuty development | 43" | 21C | 3C8 | 21C |
"oapoaate Socual Remponmuȧuluty ("SR) | 184 | 18C | 15C | 1"2 |
Depaecuatuon and Amoatuzatuon | 28 | 23 | 1 | 1 |
Duaectoa Renumeaatuon | 3GC | 1CC | 303 | 144 |
Staff comtm | 1",C45 | 5,G02 | 5,G85 | 3,"20 |
Bank "haagem Othea ta÷em | 5C4 131 | 51C "C | 434 | 4"1 0 |
Othea e÷penmem/(uncome) | 1,40G | 38G | 153 | 241 |
40,511 | 21,358 | 20,103 | 15,CC8 |
Notes to the interim consolidated and separate fiinancial statements fior the Nine months ended 30 Septemȧer 2025
Group | Company | |||
30-Sep-25 | 30-Sep-24 | 30-Sep-25 | 30-Sep-24 | |
₦'Million | ₦'Million | ₦'Million | ₦'Million | |
7 Selling and distriȧution expenses Finished products | 2,403 | 1,78C | 1,C77 | 1,415 |
Selling expenses | 111 | 50 | 37 | 50 |
Export Logistics Expenses | 58G | 58G | ||
8 | 3,103 | 1,83C | 2,304 | 1,4C5 |
Government grants Gain on disposal of Fixed Assets | -20 | 3 | 3C | 1 |
-20 | 3 | 3C | 1 | |
C Other operating income/(losses) Livestock sales | 30 | 2 | 24 | 2 |
Miscellaneous Operating Income | 5,471 | 1,800 | 4,3C3 | 1,525 |
Palm seedlings/Fertilizer sales | 0 | 545 | 545 |
5,501 | 2,347 | 4,387 | 2,072 |
10 Finance cost Interest on loan and overdraft | 2G,G75 | 8,435 | 2G,153 | C,2G5 |
2C,C75 | 8,435 | 2C,153 | C,2C5 |
| ||||
Group | Company | |||
Nine Month ended 30 Septemȧer | Nine Month ended 30 Septemȧer | |||
2025 | 2024 | 2025 | 2024 | |
NGN Million NGN Million NGN Million NGN Million | ||||
Current Income tax | 24,43C | 11,535 | 20,1C0 | 11,535 |
Education tax | 2,178 | 1,823 | 2,178 | 1,823 |
2C,C17 | 13,358 | 22,338 | 13,358 | |
Deferred tax | 2,250 | 1,G50 | 2,250 | 1,G50 |
28,8C7 | 15,308 | 24,588 | 15,308 | |
PRESCO PLC Notes to the interim consolidated and separate fiinancial statements fior the Nine months ended 30 Septemȧer 2025 13 EARNINGS PER SHARE |
Basic earnings per share is derived ȧy dividing profit or loss attriȧutaȧle to the ordinary equity holders ȧy weighted average numȧer of ordinary shares outstanding during the period. |
Group | Company | ||
30-Sep-25 | 30-Sep-24 | 30-Sep-25 | 30-Sep-24 |
₦'Million | ₦'Million | ₦'Million | ₦'Million |
Net profit attriȧutaȧle to equity holders of the Company 110,78C Effect of dilutive potential ordinary shares: | 51,7C5 | C1,384 | 43,215 |
110,78C | 51,7C5 | C1,384 | 43,215 |
Ÿeighted average numȧer of shares (000) | 1,000 | 1,000 | 1,000 | 1,000 |
Basic and diluted earnings per share (Naira) | 110.7G | 51.77 | C1.38 | 43.21 |
14 PROPERTIES PLANT AND EQUIPMENT
|
Ÿithin the period under review, none was impaired and there were no reversals of previous impairment charges in the current period. |
15 INVESTMENT IN SUBSIDIARIES
Hereunder, are the entities controlled ȧy Presco Plc, the Group.
Name of Company Place ofi
incorporation
% interest
Carrying amount
30-Sep-25 ₦'Million | 31-Dec-24 ₦'Million | |||
Siat Nigeria Limited | Nigeria | 100 | 23,000 | 23,000 |
Ghana Oil Palm Development Company (GOPDC) Limited | Ghana | 100 | 1G5,082 | 102,G87 |
Following the additional acquisition of 48% equity in GOPDC, the suȧsidiary is now owned 100% ȧy Presco Plc from January 2025
15.1 Goodwill firom the acquisition ofi 48% interest in GOPDC | ||
30-Sep-25 | 31-Dec-24 | |
₦'Million | ₦'Million | |
Net asset acquired | 77,74C | 83,G70 |
Purchase consideration | G2,0G5 | 102,G87 |
Goodwill | 14,34C | 1C,017 |
15.2 Movement in Goodwill Balance as at January 2025 | 2C,714 | 7,CG7 |
Addition during the period | 14,34G | 1G,017 |
Balance as at 30 Septemȧer 2025 | 41,0C3 | 2C,714 |
PRESCO PLC Notes to the interim consolidated and separate fiinancial statements fior the Nine months ended 30 Septemȧer 2025 1C INVENTORIES Group | Company | |||
30-Sep-25 | 31-Dec-24 | 30-Sep-25 | 31-Dec-24 | |
₦'Million | ₦'Million | ₦'Million | ₦'Million | |
Suppluem (Spaaem) | 1G,58" | 12,1G2 | 8,411 | 8,4C0 |
Funumhed "oodm | 1C,410 | 1C,141 | C,4G1 | 1,102 |
"oodm un taanmut | 1",138 | 2,141 | 1C,552 | 1,230 |
53,13C | 30,474 | 31,453 | 10,7C1 | |
17 TRADE AND OTHER RECEIVABLES
Am of the end of aepoatung peauod, the analymum of the taade deȧtoam and ȧullm aeceuvaȧlem (whuch aae uncluded un taade and othea aeceuvaȧlem) ȧamed on unvouce date um am followm:
Group | Company | ||
30-Sep-25 | 31-Dec-24 | 30-Sep-25 | 31-Dec-24 |
₦'Million | ₦'Million | ₦'Million | ₦'Million |
Taade aeceuvaȧlem G,05" | 5,C22 | C,855 | 1,"14 |
C,057 | 5,C22 | C,855 | 1,714 | |
Other receivaȧles Related paaty | 31,3CC | 15,"21 | 20,CC2 | 33,"38 |
Othea deȧtoam | 14,840 | 1C,"55 | 13,3C5 | 10,CG5 |
Financial assets measured at amortised cost | 55,2C3 | 38,0C8 | 40,882 | 4C,147 |
The aveaage caedut peauod gaanted to cumtomeam um 30 daym. |
PRESCO PLC Notes to the interim consolidated and separate fiinancial statements fior the Nine months ended 30 Septemȧer 2025 18 CASH AND CASH EQUIVALENTS | ||||
Group | Company | |||
30-Sep-25 | 31-Dec-24 | 30-Sep-25 | 31-Dec-24 | |
₦'Million | ₦'Million | ₦'Million | ₦'Million | |
Cash and cash equivalents in the Statement of Financial Position | G3,014 | 31,403 | 53,4G1 | 25,354 |
Bank overdrafits | -1,G13 | -2,G18 | -1,G13 | -2,70G |
Cash and cash equivalent in the statement of c | C1,101 | 28,484 | 51,578 | 22,C4C |
1C BIOLOGICAL ASSETS: AGRIC PRODUCE At fair value Fresh fruit ȧunches - 1st January | 70,505 | 70,505 | 3C,17C | 3C,17C |
Effect of inflation adjustment Effect of Foreign exchange Changes in fiair value less cost to sell | 4,454 74,C5C | |||
70,505 | 3C,17C | 3C,17C | ||
Analysed into Non Current Current | 74,G5G | 70,505 | 3C,17C | 3C,17C |
74,C5C | 70,505 | 3C,17C | 3C,17C |
20 CAPITAL, RESERVES AND DIVIDENDS Share Capital Authorised share capital | 500. | 500. | 500. | 500. |
Issued and fiully paid up capital | 500. | 500. | 500. | 500. |
Share Premium Share Premium | 1,174. | 1,174. | 1,174. | 1,174. |
The employee of the Company are memȧer of the pension scheme in line with the Pension Act 2024. The company Contriȧutes 10% while employees 8%
The Company also recognises provision for post-employment ȧenefits for all its permanent employees in
accordance with the Statute. The provision is ȧased on an actuarial valuation ȧy an independent actuary
22 LOANS AND BORROWINGS | ||||
Group | Company | |||
30-Sep-25 | 31-Dec-24 | 30-Sep-25 | 31-Dec-24 | |
₦'Million | ₦'Million | ₦'Million | ₦'Million | |
Short term ȧorrowings | 12,837 | 8,G02 | 12,47G | C,522 |
Long term ȧorrowings | 14C,G54 | 4C,544 | 138,81C | 3C,353 |
15C,7C0 | 55,44C | 151,2C5 | 42,875 | |
As of the end of reporting period, the aging analysis of the trade creditors and ȧills payaȧles (which are included in trade and other payaȧles) ȧased on invoice date is as follows:
Group | Company | ||
30-Sep-25 | 31-Dec-24 | 30-Sep-25 | 31-Dec-24 |
₦'Million | ₦'Million | ₦'Million | ₦'Million |
Trade payaȧles 4,283 | 3,244 | 1,54C | 2,175 |
Other payaȧles Related party |
Other creditors |
Financial assets measured at amortised cost |
4,283 | 3,244 | 1,54C | 2,175 |
125,2G4 | 121,C40 | 104,027 | 114,GG8 |
42,588 | 10,844 | 32,4CC | 3,77C |
172,1C5 | 135,727 | 138,040 | 120,C4C |
The average credit period on purchases is 30 days.
PRESCO PLCNotes to the interim consolidated and separate fiinancial statements fior the Nine months ended 30 Septemȧer 2025
FREE FLOAT COMPUTATION
Board Listed: Main Board Year End: Decemȧer
Reporting Period: Period ended Septemȧer 2025
Share price at end of reporting period: N1,47G.G0 (Septemȧer 2024: N485.40)
Shareholding Structure/Free Float Status Description
30-Sep-25 31-Dec-24
Unit Percentage Unit Percentage
Issued Share Capital 1,000,000,000 100% 1,000,000,000 100%
Suȧstantial Shareholdings (5% and aȧove)
Names of Shareholders SIAT
C00,000,000
C0%
C00,000,000
C0%
20450 ZPC/SIPML RSA Fund Ii-Main A/C
51,234,022
5.12%
51,234,022
5.12%
Total suȧstantial shareholdings
C51,234,022
C5.12%
C51,234,022
C5.12%
Directors' Shareholdings (direct and indirect), excluding directors' holding suȧstantial interests
Name(s) of Directors
Mr. Olakanmi Rasheed Sarumi
Unit
-
Percentage
-
Unit
-
Percentage
-
Mr. Felix O. Nwaȧuko FCA
3C1,700
0.03C17%
3C1,700
0.03C17%
Amȧassador Nonye Udo
-
-
-
-
Mrs. Ingrid Ÿandewiele (Belgian)
-
-
-
-
Mr. Aȧdul Bello
G0,000
0.00G00%
G0,000
0.00G00%
Mr. Reji George
-
-
-
-
Mrs. Iquo Ukoh
-
-
-
-
Mrs. Osayi Alile
-
-
-
-
Mr. Ademola Adeȧise
-
-
-
-
Mr. Jan Ÿan Eykeren (Dutch)
-
-
-
-
Total Directors' Shareholdings
451,700
0.04517%
451,700
0.04517%
Other infiluential shareholdings
Total Other influential shareholdings
-
-
-
-
Free Float in Units and Percentage
348,314,278
34.83%
348,314,278
34.83%
Free Float in Value (NGN) 515,470,300,012 1C5,44C,282,050
Declaration:
Presco Plc with a free float percentage of 34.83% as at Septemȧer 30, 2025 is compliant with The Exchange's free float
requirements for companies listed on the Main Board.
Presco Plc with a free float value of value of N 515,470,300,012 as at Septemȧer 30, 2025 is compliant with The
Exchange's free float requirements for companies listed on the Main Board.
Securities Trading Policy
In compliance with Rule17.15 Disclosure of Dealings in Issuers' Shares, Ruleȧook of the Exchange 2015 (Issuers Rule) Presco Plc maintains a Security Trading Policy which guides Directors, Audit Committee memȧers, employees and all individuals categorized as insiders as to their dealings in the Company's shares. The Policy undergoes periodic reviews ȧy the Board and is updated accordingly. The Company has made specific inquiries of all its Directors and other insiders and is not aware of any infringement of the policy during the period under review.
PRESCO PLC
Notes to the interim consolidated and separate fiinancial statements fior the Nine months ended 30 Septemȧer 2025
2C SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD
There were no significant events that occurred after the third quarter that would necessitate a disclosure or, an adjustment.
IAS 2C: Financial Reporting in Hyperinfilation Economies
Presco Plc classified Ghana as hyperinflationary economy in accordance with the provision of IAS 2G Financial reporting in hyperinflationary economies.
During the period, loss on the net monetary positions amounting to N 185 million has ȧeen recorded in the statement of profit or loss.
APPROVAL OF FINANCIAL STATEMENTS
This consolidated unaudited financial statements were approved for issue in accordance with a resolution of the Board of Directors on 22 Oct, 2025.