Nigerian palm oil producer Presco cut group borrowings by about 57% to 137.1bn NGN (€90mn) in the nine months to September and grew revenue from Nigeria 12.7% to 222.0bn NGN (€146mn), the company said in a release filed with the Nigerian Exchange. Group pre-tax profit rose 8.5% to 151.5bn NGN despite lower edible oil prices, it said.
Analysis: Repaying approximately 180bn NGN (€119mn) of debt lowered finance costs by one-third, generating savings of 10.4bn NGN (€6.86mn). That accounted for most of the 11.9bn NGN (€7.82mn) increase in pre-tax profit, by our calculation. Domestic sales still rose 12.7%, although the company did not disclose volumes, making demand and price effects difficult to separate. Presco expects its newly acquired Saro plantation to begin delivering fresh fruit bunches in the fourth quarter. Full-year figures, due by March, will show whether additional supply can sustain earnings if palm oil prices remain weaker.
Source: Nigerian Exchange Limited (filings by listed companies), Presco Plc, 9M 2026 financial performance press release (filed on NGX, October 30, 2026), January-September 2026; Nigerian Exchange Limited (filings by listed companies), Presco Plc, 9M 2026 press release, September 30, 2026