PRESCO PLC PRESCO PLC
ANNUAL REPORT, CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PRESCO PLC
Annual report, consolidated and Separate financial statements
For the year ended 31 December 2022
Table of Contents
Corporate Governance Report | 9 |
Certification Pursuant to Section 60 (2) of Investment and Securities Act No. 29 of 2011 | 19 |
Certification Pursuant to Section 405 of Company and Allied Matters Act 2020 | 20 |
Statement of Directors' Responsibilities | 21 |
Report of the Audit Committee | 22 |
Independent Auditor's Report | 24 |
Statement of Profit or Loss and Other Comprehensive Income | 28 |
Statement of financial position | 29 |
Statement of changes in equity | 30 |
Statement of cash flows | 31 |
Notes to the financial statements | 32 |
Statement of value added | 109 |
Five-year financial summary | 110 |
PRESCO PLC
Annual report, consolidated and Separate financial statements
For the year ended 31 December 2022
Corporate Information
Directors
The directors who held office during the year and to the date of this report are:
Mr. Jean Henri Van Gysel | Chairman -NED Appointed 26 Sept 2022 |
Mr. Dirk Arthur G. Lambrecht | Non-Executive Director |
Mr. Felix O. Nwabuko FCA | Managing Director /CEO |
Chief (Engr.) James B. Erhuero, JP, mni, OON | Non-Executive Director |
Mr. Osa Osunde FCS, FCTI, F.loD | Independent Non-Executive Director |
Chief (Dr.) Bassey E. O. Edem, FCA, MFR | Independent Non-Executive Director |
HRH Prince Aiguobasinmwin O. Akenzua | Independent Non-Executive Director |
Amb. Nonye Udo | Independent Non-Executive Director |
Mrs. Ingrid Gabrielle Vandewiele | Non-Executive Director |
Mr. Jan Johanna Lucien Van Eykeren | Non-Executive Director |
Mr. Sam Sabbe | Non-Executive Director |
Mr. Paul Cardoen | Non-Executive Director Resigned Sept 2022 |
Group registration number | RC 174370 |
Corporate office | Obaretin Estate |
Km. 22, Benin/Sapele Road, | |
Ikpoba-Okha Local Government Area, | |
Edo State | |
Company secretary | Patrick Uwadia, Esq |
Obaretin Estate | |
Km. 22, Benin/Sapele Road, | |
Ikpoba-Okha Local Government Area, | |
Edo State | |
Independent auditor | Deloitte & Touche |
(Chartered Accountants) | |
Civic Towers, Plot GA1, Ozumba | |
Mbadiwe Avenue, Victoria Island | |
P.O. Box 965, Marina, | |
Lagos, Nigeria | |
Bankers | Access Bank Plc |
Ecobank Limited | |
Fidelity Bank Plc | |
First Bank of Nigeria Limited | |
Guaranty Trust Bank Plc | |
Stanbic IBTC Bank Plc | |
United Bank for Africa Plc | |
Union Bank Plc | |
Zenith Bank Plc. |
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PRESCO PLC
Annual report, consolidated and Separate financial statements
For the year ended 31 December 2022
Directors' report
The Directors submit their report together with the audited financial statements for the year ended 31 December, 2022, which disclose the state of affairs of the Group.
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PRINCIPAL ACTIVITIES
The principal activities of the Group are the development of oil palm plantations, palm oil milling, palm kernel processing and vegetable oil refining. The products of the Company are: refined bleached and deodorized palm oil, palm olein, palm stearin, palm fatty acid distillate, palm kernel oil (crude and refined) and palm kernel cake. - OPERATING RESULT
The group and the company's performance during the year under review is summarized below:
The Group | The Company | |||
Particulars | 31-Dec-22 | 31-Dec-21 | 31-Dec-22 | 31-Dec-21 |
₦'000 | ₦'000 | ₦'000 | ||
Revenue from operations | 81,029,846 | 47,426,435 | 69,368,480 | 47,112,445 |
Gross profit | 49,972,836 | 31,752,530 | 41,483,263 | 31,842,443 |
Profit for the year | 13,032,424 | 19,319,951 | 12,867,381 | 19,821,497 |
- DIVIDEND
In respect of the current year, the Directors recommend for approval a final dividend of N6.80 per 50 kobo share subject to the shareholders' approval at the Annual General Meeting (AGM) subject to the deduction of withholding tax at the appropriate rate.
An Interim dividend of N2.00 per 50 kobo share was paid in the year under review.
At the last AGM, shareholders approved the Directors' recommendation of a dividend of N6.60 kobo per 50 kobo share amounting to N6,600,000,000, subject to the deduction of withholding tax at the appropriate rate. - DIRECTORS
The Directors who held office during the year and to the date of this report were:
Mr. Jean Henri Van Gysel | [Belgian] | Chairman-NED appointed 26 Sept 2022 |
Mr. Dirk Arthur G. Lambrecht | [Belgian] | Non-Executive Director |
Mr. Felix O. Nwabuko FCA | [Nigerian] | Managing Director/CEO |
Chief (Engr.) James B. Erhuero, JP, mni, OON | [Nigerian] | Non-Executive Director |
Mr. Osa Osunde FCS, FCTI, F.loD | [Nigerian] | Independent Non-Executive Director |
Chief (Dr.) Bassey E. O. Edem, FCA, MFR | [Nigerian] | Independent Non-Executive Director |
HRH Prince Aiguobasinmwin O. Akenzua | [Nigerian] | Independent Non-Executive Director |
Amb. Nonye Udo | [Nigerian] | Independent Non-Executive Director |
Mrs. Ingrid Gabrielle Vandewiele | [Belgian] | Non-Executive Director |
Mr. Jan Johanna Lucien Van Eykeren | [Belgian] | Non-Executive Director |
Mr. Sam Sabbe | [Belgian] | Non-Executive Director |
Mr. Paul Cardoen | [Belgian] | Non-Executive Director Resigned Sept 2022 |
In accordance with the company's articles of association, AMB Nonye Udo, Mrs. Ingrid Gabrielle Vandewiele and Chief Dr. Bassey E.O. Edem retire by rotation at this annual general meeting; being eligible, they offered themselves for re-election. Mr. Jean Van Gysel, Mr. Jan Van Eykeren, Mr. Sam Sabbe, Mr. Mano Demeure who were appointed to fill casual vacancies on the Board after the last annual general meeting retire at this meeting; being eligible offer themselves for election.
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PRESCO PLC
Annual report, consolidated and Separate financial statements
For the year ended 31 December 2022
Directors' report (cont'd)
5. DIRECTORS INTEREST IN SHARES
The interest of Directors in the issued share capital of the Company as recorded in the Register of Members and/or notified by the Directors for the purpose of Section 301 of the Companies and Allied Matters Act, 2020, and disclosed in accordance with the Listing Rules of the Nigerian Stock Exchange is as follows:
Name of Director | Units (Direct) | Units (Indirect) |
- | ||
Mr. Felix O. Nwabuko FCA | 102,828 | - |
Mr. Osa Osunde FCS, FIoD | 1,000 | 82,435 |
Chief Engr. James B. Erhuero, nmi, JP, OON | 624,000 | - |
Chief Dr. Bassey Edem, FCA, MFR | 50,000 | - |
Total | 777,828 | 82,435 |
The indirect shares of Osa Osunde are held in the name of Fidelity Finance Company Limited The Direct and Indirect Holdings of the other directors remain unchanged.
The Directors with indirect shares are not representing any individual or company.
6. SHAREHOLDING STRUCTURES
Hereunder is the shareholding structure in accordance with NGX regulations.
Description
Issued Share Capital
Substantial Shareholding (5% and above)
Name of shareholders
SIAT SA (Ultimate Holding Company) 20450 ZPC/SIPML RSA Fund II-Main A/C Total Substantial Shareholdings
2022 | 2021 | ||
Units | Percentage | Units | Percentage |
1,000,000,000 | 100% | 100% | |
1,000,000,000 |
600,000,000 | 60% | 600,000,000 | 60% |
72,544,666 | 7.25% | 7.25% | |
72,544,666 | |||
672,544,666 | 67.25% | 672,544,666 | 67.25% |
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Presco plc published this content on 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 19:35:01 UTC.
