Presco Plc ended the 2021 financial year on a positive note, as topline soared by 98.51% YoY to NGN47.43bn.
This solid revenue growth overshot the firm’s 2021FY revenue forecast (NGN44.57bn) by 6.42%. The stellar
performance is largely attributable to the surge in global palm oil prices and, consequently, high palm oil
prices in the domestic market. The global oil palm industry has continued to witness a rally in Crude Palm Oil
(CPO) prices on account of a widened global supply deficit. In our opinion, this hike in global palm oil prices
limited the invasion of cheaper imports, encouraged local patronage, and gave domestic players the leeway
to increase prices.
