Presco Plc has reduced its borrowings by N180.2bn while posting N151.5bn profit before tax for the nine months ended September 30, 2026, amid rising domestic inflation and falling global edible oil prices.
The integrated edible oil producer’s profit before tax rose by 8.5 per cent year-on-year, according to its financial report submitted to the Nigerian Exchange Limited.
The company’s debt reduction saw total borrowings fall by 57 per cent to N137.1bn, while total liabilities declined by 42.4 per cent to N278.2bn.
The reduction in debt also helped cut finance costs by 34.5 per cent, from N30bn to N19.6bn.
Presco’s Nigerian operations recorded a 12.7 per cent increase in revenue to N222bn. Group gross profit stood at N202.8bn, with margins exceeding 73 per cent.
At the standalone level, profit before tax rose by 12.7 per cent to N96.9bn, while profit after tax increased by 11.9 per cent to N68.7bn. Cost of sales declined by 6.2 per cent to N46.2bn, reflecting the company’s cost management measures.
Shareholders’ equity grew by 10.1 per cent to N487.3bn, supported by retained earnings of N253.5bn. The company’s cash position stood at N135.2bn as of September 30.
Presco’s Managing Director and Chief Executive Officer, Reji George, attributed the performance to disciplined cost control and improved productivity across its supply chain.
“Our diversified operational approach and strategic investments have enabled us to withstand economic headwinds while delivering growth,” George said.
He said the commencement of fresh fruit bunches production from the recently acquired Saro Oil Palm Limited plantation in the fourth quarter was expected to boost production capacity and profitability.
George added that the company remained focused on operational efficiency, capacity expansion and sustainability as it seeks to close 2026 strongly.
Presco said its subsidiaries, including Ghana Oil Palm Development Company Limited and Siat Nigeria Limited, continued to strengthen its operations across West Africa.
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