NIGERIA · AGRIBUSINESS & COMPANY RESULTS
Key Facts
- What is happening Presco Plc, a Nigerian palm oil producer, posted nine-month profit before tax of 151.5 billion naira (about US$113 million), up 8.5%, on 30 October.
- Why it matters Presco is one of Nigeria’s biggest listed edible oil firms, and its results show how a major food producer copes with falling oil prices and inflation.
- The numbers Group revenue 276.5 billion naira (about US$205 million), up 0.7%; borrowings down about 57% to 137.1 billion naira (about US$102 million); Nigerian sales up 12.7%.
- Who is who Presco is listed on the Nigerian Exchange and grows oil palm in Nigeria and Ghana; Siat Group holds 61.2% and Reji George is chief executive.
- What to watch First fruit from the newly bought Saro Oil Palm plantation in the fourth quarter, a possible dividend, and full-year results due in early 2027.
- What it means for you Presco shares trade only in Nigeria in naira, so US investors face a frontier-market route, while palm oil prices affect food costs worldwide.
Presco, a Nigerian palm oil producer, says nine-month profit before tax rose 8.5% to 151.5 billion naira (about US$113 million). Sales were almost flat, so the gain came from lower borrowing costs.
Presco, a Nigerian palm oil producer, posted group profit before tax of 151.5 billion naira (about US$113 million). The figure covers the nine months to 30 September and was announced on the Nigerian Exchange on Friday, 30 October.
Profit before tax was up 8.5% from 139.7 billion naira (about US$104 million) a year earlier. Conversions use the Central Bank of Nigeria’s official central rate of 1,346.43 naira per US$ on 3 November 2026.
What the Results Show
Group revenue was 276.5 billion naira (about US$205 million), up 0.7% from 274.5 billion naira (about US$204 million). Gross profit was 202.8 billion naira (about US$151 million), a margin above 73%.
Operating profit fell about 5% to 157.2 billion naira (about US$117 million), the filing shows. The rise in pre-tax profit therefore came from finance lines, with finance costs down 34.5% and finance income up.
Profit after tax was 111.2 billion naira (about US$83 million), almost level with 110.8 billion naira (about US$82 million) a year earlier. Tax rose to 40.3 billion naira (about US$30 million) from 28.9 billion naira (about US$21 million).
Earnings per share were 95.29 naira (about US$0.07), down from 110.79 naira (about US$0.08). The share count rose to about 1.17 billion from 1.0 billion.
In the third quarter alone, group profit before tax was 29.3 billion naira (about US$22 million), up 5.7%. Third-quarter revenue rose 2.7% to 77.8 billion naira (about US$58 million).
Debt Falls and Cash Stays High
Presco said borrowings fell about 57%, or 180.2 billion naira (about US$134 million), to 137.1 billion naira (about US$102 million). Finance costs dropped from 30.0 billion naira (about US$22 million) to 19.6 billion naira (about US$15 million).
Cash stood at 135.2 billion naira (about US$100 million), down from 262.6 billion naira (about US$195 million) in the comparison column. That fall fits with debt repayment, though the company does not say so directly.
Nigeria Grows While Ghana Shrinks
Sales in Nigeria rose 12.7% to 222.0 billion naira (about US$165 million). Sales from Ghana fell to 54.5 billion naira (about US$40.5 million) from 69.5 billion naira (about US$52 million).
Presco also booked its first sales of fresh fruit bunches, the raw palm fruit, at 6.2 billion naira (about US$4.6 million). The company said output from the recently acquired Saro Oil Palm plantation starts in the fourth quarter.
Where the Release and the Filing Differ
The press release puts Presco’s stand-alone profit after tax at 68.7 billion naira (about US$51 million), up 11.9%. The filed statements show 73.7 billion naira (about US$55 million), up 20%.
The release gives shareholders’ equity of 487.3 billion naira (about US$362 million) and liabilities of 278.2 billion naira (about US$207 million). The filing shows 492.3 billion naira (about US$366 million) and 294.5 billion naira (about US$219 million).
What It Means for US Readers
Presco shares trade on the Nigerian Exchange in naira, so American investors need a broker with frontier-market access. The exchange’s price list shows the shares at 1,840.80 naira (about US$1.37) at the last close.
Palm oil is a global food and biofuel commodity, so Presco’s margins echo wider price moves.
What Is Not Known
The company has not explained why its release and filed accounts differ on stand-alone profit, equity and liabilities. Neither document announces a dividend.
The share price reaction to the results is not confirmed from exchange data. Presco has not given a full-year forecast.
What Comes Next
Watch for any correction to the filing, the first Saro plantation harvest and a dividend decision. Full-year 2026 results are due after the year ends.
Nine months of flat sales do not mean the full year will match. Falling edible oil prices could still press on revenue.
Frequently Asked Questions
How much profit did Presco make in nine months?
Presco reported group profit before tax of 151.5 billion naira (about US$113 million), up 8.5%. Profit after tax was 111.2 billion naira (about US$83 million), almost unchanged.
What does Presco do?
Presco grows oil palm and produces, refines and sells edible oils and specialty fats. It operates in Nigeria and, through a subsidiary, in Ghana.
Why did profit rise if sales were flat?
Operating profit fell about 5%, but finance costs dropped 34.5% and finance income rose. Together those lifted profit before tax.
Is Presco paying a dividend?
The nine-month release and filing announce no dividend. Any payout would need a board decision.
Can Americans buy Presco shares?
Presco is listed on the Nigerian Exchange and trades in naira. US investors need a broker that offers access to Nigerian stocks.
Sources: Presco Plc, 9M 2026 press release (Nigerian Exchange filing, 30 October 2026); Presco Plc, unaudited financial statements for the period to 30 September 2026 (Nigerian Exchange); Nigerian Exchange, equities price list (4 November 2026); Central Bank of Nigeria, official exchange rates (central rate 1,346.43 naira per US$, 3 November 2026) (all accessed 4 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief