2020 FY results: Presco Plc post 83% growth in profits

Presco Plc released its 2020 unaudited FY results

• Revenue of N23.91 billion vs N19.72 billion +21.22% YoY
• Operating Profits N10.48 billion vs N8.1 billion, 28.4% YoY.
• Profit after tax of N7.03 billion vs N3.83 billion a year earlier. +83.25% cut YoY.
• Earnings per share of 703 kobo vs 374 kobo earnings per share reported in 2019. +87.97% YoY.
• No dividend announcement was made in their press release.
• The company share price of N74.50, up 5% YTD.

Bottom Line: This was a decent result, however, Presco’s price-earnings ratio of 14x is a tad expensive. Agric stocks tend to be expensive as Okomu oil is also priced at 13x earnings.

See link to results.