FMDQ Exchange lists Presco’s N50 billion bond

FMDQ Securities Exchange Limited (FMDQ), the registration, listing, quotation, and trading of financial securities has announced the approval for the listing of Presco Plc’s N34.50 billion Series 1 Fixed Rate Bond under the N50.00 billion Bond Issuance Programme on its platform.

According to the Exchange in a statement, as a securities exchange with a commitment to facilitate growth and development in the Nigerian debt capital market and economy at large, FMDQ Exchange continues to show its commitment to promoting an efficient, transparent, and well-regulated market, which attracts and retains both domestic and foreign investors, through the provision of a world-class listing and quotation service, amongst others, in line with its mandate.

Q1 2022 Key Highlights:

• Revenue increased by +94.53% year-on-year (Y-o-Y) from N7.93billion in Q1 2021 to N15.42billion in Q1 2022.
• Cost of sales rose by +111.79% from N1.51billion in Q1 2021 to N3.20billion in Q1 2022.
• Gross profit increased by +90.46% from N6.42billion in Q1 2021 to N12.22billion in Q1 2022.
• Finance costs grew by +133.75% to N689.42million compared to N294.94million in Q1 2021.
• Profit before tax increased by +72.37% from N4.95billion in Q1 2021 to N8.53billion in Q1 2022.
• The asset turnover ratio rose from 0.48X to 3.02X.
• Total Assets grew by +61.08% from N76.22billion in Q1 2021 to N122.75billion in Q1 2022
• Total debt rose by +125.56% to N27.99billion.
• Basic Earnings Per share rose by +51.56% from N3.84k to N5.82k.

What you should know

Presco Plc is a fully-integrated agro-industrial establishment that specialises in the cultivation of oil palm plantations and milling and crushing palm kernels to produce a range of refined vegetable oil. It also has olein and stearin packaging and biogas plants to treat its palm oil mill effluent.

The proceeds generated from the Presco Plc Series 1 Bond, which is co-sponsored by Stanbic IBTC Capital Limited (Lead Sponsor), CardinalStone Partners Limited and Quantum Zenith Capital and Investments Limited – all Registration Member (Listings) of the Exchange, will be used by the Issuer to refinance existing facilities from banks and to augment working capital requirements.