Presco posts N151.5bn profit before tax in nine months

Presco Plc reported an 8.5% year-on-year increase in profit before tax to N151.5 billion in the first nine months of 2026. Despite domestic inflation and declining edible oil prices, the company's profitability grew due to operational resilience and strategic balance sheet management. The integrated edible oil company's standalone profit before tax rose by 12.7% to N96.9 billion, while profit after tax increased by 11.9% to N68.7 billion.

Revenue from Nigeria grew by 12.7% to N222.0 billion, and group gross profit remained strong at N202.8 billion with margins exceeding 73%. Cost of sales declined 6.2% to N46.2 billion due to internal cost management measures, and total borrowings decreased by 57% to N137.1 billion, representing a debt reduction of N180.2 billion.

Group liabilities dropped 42.4% to N278.2 billion, reducing group finance costs by 34.5% from N30.0 billion to N19.6 billion. Shareholders' equity grew by 10.1% to N487.3 billion, supported by an increase in retained earnings to N253.5 billion and a cash position of N135.2 billion. Presco Plc's CEO, Reji George, highlighted disciplined cost control and productivity optimisation as key factors in the company's success.

He also mentioned that the company's operations, including subsidiaries in Ghana and Nigeria, continue to strengthen its presence in the West African region.