Presco shareholders approve N24.3bn dividend for 2023

Shareholders of Presco Plc have for the yr ended December 31, 2023 authorised dividend of N24.30 per share amounting to N24.3billion.

On the thirty first Annual Common Assembly (AGM) of Presco Plc in Lagos on Thursday, shareholders additionally authorised the corporate to lift extra capital by debt finance or fairness elevating or a mixture as decided by administrators.

The shareholders additionally empowered the Administrators to speculate not directly or by its subsidiary, purchase property, all or majority of the shares of an organization/firms and entities in the identical line of enterprise with Presco Plc.

Along with the interim dividend of 200 kobo per 50 Kobo share, which amounted to N2billion, the whole dividend for the yr ended 31 December 2023 quantities to N26.30 per share amounting to N26.3billion.

Throughout the interval underneath assessment, the Firm’s income grew by 26.4 % from N81.03billion in 2022 to N102.42 billion in 2023, whereas Revenue After Tax reached N32.86 billion, “marking a major enhance of 152 % from the earlier yr“.

Whereas addressing the shareholders, Rasheed Sarumi, chairman Presco Plc defined that the Board is firmly dedicated to sustaining the best requirements of company governance consistent with greatest observe.

He stated:“ In the course of the yr, Grant Thornton Consultants, a global company guide, repeated the annual Board Evaluation and reviewed the Firm’s company governance insurance policies and procedures to watch compliance.

“Their report types a part of the annual report and accounts as required by the Securities and Trade Fee (SEC) Code and the 2018 Nationwide Code of Company Governance Follow.

The chairman assured the shareholders that Presco Plc is dedicated to leveraging the ample enterprise alternatives current inside Nigeria and the ECOWAS sub-region to grasp its strategic progress ambitions for the advantage of all stakeholders.

He stated: “we’ll proceed to attempt for operational excellence, pursue substantial progress and uphold the best requirements of company governance“.

Additionally talking on the occasion, Felix Nwabuko, Managing Director/ Chief Exective Officer assured shareholders and stakeholders of a rewarding future.