Presco shareholders okay N24.3bn dividend payout

Presco Shareholders Okay N24.3bn For 2023 Dividend

Shareholders of Presco Plc have approved N24.30 per share dividends, amounting to N24.3 billion final dividends earlier recommended by the Board of Directors for the year ended December 31, 2023.

This, in addition to the N2.00 per share (N2 billion) interim dividend, has brought the total dividends for the year to N26.30 per share, which amounted to N26.3 billion.

The shareholders, who gave the approval at the company’s 31st Annual General Meeting, AGM, in Lagos, also authorised the company to raise additional capital through debt finance or equity raising or a combination of both.

They also empowered the directors to invest indirectly or through its subsidiary, acquire assets, all or majority of the shares of a company/companies and entities in the same line of business with Presco Plc.

Addressing shareholders at the meeting, the company’s chairman, Mr Rasheed Sarumi, explained that the board is firmly committed to maintaining the highest standards of corporate governance in line with best practice.

He said:“ During the year, Grant Thornton Consultants, an international corporate consultant, repeated the annual board assessment and reviewed the company’s corporate governance policies and procedures to monitor compliance.

“Their report forms part of the annual report and accounts as required by the Securities and Exchange Commission (SEC) Code and the 2018 National Code of Corporate Governance Practice.”

The chairman assured the shareholders that Presco Plc is committed to leveraging the abundant business opportunities present within Nigeria and the ECOWAS sub-region to realise its strategic growth ambitions for the benefit of all stakeholders.

He said: “We will continue to strive for operational excellence, pursue substantial growth and uphold the highest standards of corporate governance“.

Laying the 2023 financial performance before the shareholders, he said that the achievements underscored tPresco Plc’s commitment to operational excellence and value creation. Within the period under review, the company’s revenue grew by 26.4 percent to N102.42 billion in 2023 from N81.03billion in 2022, while post tax profit reached N32.86 billion, marking a significant increase of 152 percent from the previous year.

Also speaking at the event, Managing Director/ Chief Executive Officer, Mr Felix Nwabuko assured shareholders and stakeholders of a rewarding future, saying that the quantum of dividends declared was evidence of the company’s commitment to ensuring robust returns to the shareholders.