PRESCO PLC

Condensed interim Financial Statements

For the three months ended
31 March 2025

Presco Plc
Obaretin Estate
Km 22 Benin / Sapele Road
PO Box 7061
Benin City, Edo State, Nigeria
Tel: +234 8034134444
E-mail: [email protected]
www.presco-plc.com
 PRESCO PLC

FOR THE THREE MONTHS ENDED 31 MARCH 2025

Certification Pursuant to Section 88 (2) of Investment and Securities Act 2025

We the undersigned hereby certify the following with regards to our financial reports for the three
months ended 31 March, 2025 that;

a) We have reviewed the report;

To the best of our knowledge, the report does not contain:

(i) Any untrue statement of material effect, or
(ii) Omit to state a material fact, which would make the statements misleading in the
light of the circumstances under which such statements were made;
b)
To the best of our knowledge, the financial statements and other financial information
included in the report fairly present in all material respects the financial condition and
results of operations of the Company as of, and for the period presented in the report.

d) We:
(i) Are responsible for establishing and maintaining internal controls;
(ii) Have designed such internal controls to ensure that material information relating
to the Company is made known to such officers by others within entities
particularly during the period in which the periodic reports are being prepared;
(iii) Have evaluated the effectiveness of the Company’s internal controls as of date
within 90 days prior to the report;
(iv) Have presented in our report our conclusions about the effectiveness of the
company’s internal controls based on our evaluation as of that last audited

e) We are not aware of and have disclosed as such to the Audit Committee:
(i) Significant deficiencies in the design and operation of internal controls which
would adversely affect the Company’s ability to record, process, summarize and
report financial data and have identified for the company’s audit committee any
material weakness in internal controls; and
(ii) Any fraud, whether or not material, that involves management or other
employees who have significant role in the company’s internal controls;

f) We have identified in the report whether or not there were significant changes in internal
controls or other factors that could significantly affect internal controls subsequent to the
date of our evaluation, including any corrective actions with regard to significant
deficiencies and material weakness.

_______________________ _______________________
Reji George Peter Ikenweazu
Managing Director Actg. Chief Financial Officer
FRC/2024/PRO/CIA/008/853137 FRC/2025/PRO/ANAN/001/976099

1
 PRESCO PLC
FINANCIAL HIGHLIGHTS
FOR THE THREE MONTHS 31 MARCH 2025
Group Company
31-Mar-25 31-Mar-24 31-Mar-25 31-Mar-24
N’000 N’000 N’000 N’000
Statement of Comprehensive Income
Revenue 93,785,145 42,545,419 52,417,332 29,523,317
Gross Profit 86,133,940 33,797,946 47,374,521 23,875,107
Operating Profit 69,073,414 31,750,208 37,763,342 25,106,671
EBITDA 71,564,242 32,841,167 38,727,432 25,927,005
Net Interest Expenses (10,467,084) (2,278,913) (8,175,824) (1,564,686)
Profit before taxation 58,606,330 29,657,770 29,587,518 23,728,461
Profit After taxation 47,577,860 24,055,588 19,879,490 18,126,278

Gross Margin % 92% 79% 90% 81%

Operating Profit % 74% 75% 72% 85%
Profit before tax % 62% 70% 56% 80%

Group Company
31-Mar-25 31-Dec-24 31-Mar-25 31-Dec-24
N’000 N’000 N’000 N’000

Statement of Financial Position

Total Assets 548,853,800 475,096,189 462,582,629 330,240,851
Total Liabilities 369,887,473 263,911,588 327,984,675 215,522,388
Equity 178,966,327 211,184,601 134,597,953 114,718,463
Current Assets 232,683,494 170,752,845 156,153,154 118,468,900
Current Liabilities 179,285,471 174,847,466 160,902,891 156,811,470
Retained Earnings 174,307,171 126,729,311 133,276,543 113,397,053

Return On Equity 27% 11% 15% 16%

Return on Total Assets 13% 7% 8% 8%
Current Ratio 1.30 0.98 0.97 0.76
Debt/Equity Ratio 2.07 1.25 2.44 1.88
Equity/Total Assets 33% 44% 29% 35%
Debt/Total Assets 67% 56% 71% 65%
Earning
Interest Per Share
Cover 4,758 2,406
- 1,988
(4.62) 1,813
(16.05)
(6.60)

2
PRESCO PLC

INTERIM CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED 31 MARCH 2025

Group Company
0
1
Notes 31-Mar-25 31-Mar-24 31-Mar-25 31-Mar-24
/
0
N’000 N’000 N N’000 N’000
’
Revenue 3 93,785,145 42,545,419 52,417,332 29,523,317

Cost of sales 5 (7,651,205) (8,747,474) (5,042,811) (5,648,210)

Gross profit 86,133,940 33,797,946 47,374,521 23,875,107

Administrative expenses 6 (17,316,640) (7,597,448) (7,538,758) (5,523,074)

Selling and distribution expenses 7 (542,041) (520,239) (504,521) (438,201)
Other gains and losses 8 41,461 2,054 41,461 2,054
Other operating (losses)/income 9 1,329,752 674,805 1,059,052 589,737
Exchange gains/losses 183,578 5,393,090 (2,668,413) 6,601,048
Loss on Net monetary amount 27 (756,636) - - -
Operating profit before finance cost and finance
69,073,414 31,750,208 37,763,342 25,106,671
income

Finance cost 10 (10,526,218) (2,278,913) (9,210,062) (1,564,686)

Finance income 10.1 59,134 186,475 1,034,238 186,475

Profit before tax 58,606,330 29,657,770 29,587,518 23,728,461

Tax expense 12 (11,028,470) (5,602,183) (9,708,028) (5,602,183)

Profit for the period 47,577,860 24,055,588 19,879,490 18,126,278

Other Comprehensive Income (OCI)

Item(s) that will not be reclassified subsequently to
profit or loss
Remeasurement of defined benefit obligation - - - -
Actuarial loss/(gain) on long service award
Income tax relating to components of OCI (-) - - -
Other comprehensive income, net of tax - - - -

Total comprehensive income for the year 47,577,860 24,055,588 19,879,490 18,126,278

Earnings Per Share

Basic (Kobo) 4,758 2,406 1,988 1,813
Diluted (Kobo) 4,758 2,406 1,988 1,813

The accompanying notes form an integral part of these financial statements.

3
PRESCO PLC

INTERIM CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION

FOR THE THREE MONTHS ENDED 31 MARCH 2025

Group Company
31-Mar-25 31-Dec-24 31-Mar-25 31-Dec-24
Note N’000 N’000 N’000 N’000
Assets: s
Non-current assets
Goodwill 15.2 41,063,399 26,713,999 - -
Intangible assets 84,079 93,453 10,921 11,341
Property, plant and equipment 14 271,275,225 273,735,042 86,655,903 84,092,906
Right-of-use assets 3,747,603 3,800,850 1,681,113 1,681,113
Investment in subsidiaries 15 - - 218,081,537 125,986,591
Total non-current assets 316,170,306 304,343,344 306,429,475 211,771,951

Current assets
Inventories 16 56,868,357 30,747,412 26,866,512 10,791,130
Biological assets 19 69,764,837 70,505,131 36,176,158 36,176,158
Trade and other receivables 17 35,421,194 38,097,747 47,878,398 46,147,131
Cash and bank balances 18 70,629,106 31,402,555 45,232,087 25,354,481
Total current assets 232,683,494 170,752,845 156,153,154 118,468,900

Total assets 548,853,800 475,096,189 462,582,629 330,240,851

Equity and Liabilities

Equity
Share capital 20 500,000 500,000 500,000 500,000
Share premium 20 1,173,528 1,173,528 1,173,528 1,173,528
Other reserves (1,358,019) (1,358,019) (352,118) (352,118)
Foreign exchange translation reserve 4,343,647 6,394,235 - -
Retained earnings 174,307,171 126,729,311 133,276,543 113,397,053
Equity attributable to owners 178,966,327 133,439,055 134,597,953 114,718,463

Non-controlling interest - 77,745,546

Total Equity 178,966,327 211,184,601 134,597,953 114,718,463

Non-current liabilities
Borrowings 150,314,837 46,544,013 143,226,803 36,352,786
Deferred benefit obligations 4,473,630 3,856,611 1,854,783 1,107,934
Deferred tax liabilities 31,798,668 34,618,045 21,362,816 20,612,815
Deferred income 347,213 347,213 347,213 347,213
Lease liabilities 3,667,654 3,698,240 290,170 290,170
Total Non-current liabilities 190,602,002 89,064,122 167,081,784 58,710,918

Current liabilities
Trade and other payables 134,187,465 135,727,296 119,096,812 120,948,662
Current tax liabilities 36,142,128 25,863,658 34,220,148 25,307,267
Bank overdraft 26,107 2,918,466 19,164 2,708,881
Borrowings 7,438,519 8,902,484 6,183,706 6,521,982
Deferred income 1,269,974 1,269,974 1,269,974 1,269,974
Lease liabilities 221,278 165,588 113,086 54,704
Total current liabilities 179,285,471 174,847,466 160,902,891 156,811,470

Total liabilities 369,887,473 263,911,588 327,984,675 215,522,388

Total equity and liabilities 548,853,800 475,096,189 462,582,629 330,240,851

The financial statements were approved and authorised for issue by the Board of Directors on 28 April 2025 and were signed on its
behalf by:

Reji George Peter Ikenweazu

Managing Director Actg. Chief Financial Officer
FRC/2024/PRO/CIA/008/853137 FRC/2025/PRO/ANAN/001/976099

The accompanying notes form an integral part of these financial statements.

3
PRESCO PLC
INTERIM CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED 31 MARCH 2025

Exchange
Share Share Retained Non-Controlling
Group Other Reserves Difference Total Equity Total
Capital Premium Earnings Interest
Reserves
N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000

Balance at 1 January, 2025 500,000 1,173,528 126,729,311 (1,358,019) 6,394,235 133,439,055 78,329,828 211,768,883
Foreign exchange translation difference (2,050,588) (2,050,588) (2,050,588)
Acquisition of 48 percent interest in GOPDC - - (78,329,828) (78,329,828)

Profit for the year - - 47,577,860 - 47,577,860 47,577,860

- - -
Net remeasurement gain on defined benefit plan - - - - - -
- -
Total Comprehensive Income - - 47,577,860 - 47,577,860 47,577,860
-
Other reserves from consolidation - - - -
Status bar dividend - - -
Dividend paid - - - - - -
- -
Balance at 31 Mar 2025 500,000 1,173,528 174,307,171 (1,358,019) 4,343,647 178,966,327 - 178,966,327
- - - - -

Balance at 1 January 2024 500,000 1,173,528 74,350,122 (1,011,767) 57,163,052 57,163,052

Foreign exchange translation reserves - - -
Profit for the year - - 24,055,588 - 24,055,588 24,055,588
-
Net remeasurement loss on defined benefit plan - - - - - -
-
Total Comprehensive Income - - 24,055,588 - 24,055,588 24,055,588
Non controlling interest -
-
-
Dividend paid - - - - -
-
Balance at 31 March, 2024 500,000 1,173,528 98,405,710 (1,011,767) - 81,218,640 81,218,640

Share Share Retained

Company Other Reserves Total
Capital Premium Earnings
N'000 N'000 N'000 N'000 N'000

Balance at 1 January, 2025 500,000 1,173,528 113,397,053 (352,118) 114,718,463

Profit for the year - - 19,879,490 - 19,879,490

-
Net remeasurement gain on defined benefit plan - - - - -

Total Comprehensive Income - - 19,879,490 - 19,879,490

Status bar dividend - - - - -

Dividend paid - - - - -

Balance at 31 Mar 2025 500,000 1,173,528 133,276,543 (352,118) 134,597,953

- - - - -

Balance at 1 January 2024 500,000 1,173,528 80,279,432 (607,801) 80,737,358

Profit for the year - - 18,126,278 18,126,278

Net remeasurement loss on defined benefit plan - - - -

Total Comprehensive Income - - 18,126,278 18,126,278

Dividend paid - - -

Balance at 31 March, 2024 500,000 1,173,528 98,405,710 (607,801) 98,863,636

The accompanying notes form an integral part of these financial statements.

4
PRESCO PLC
INTERIM CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED 31 MARCH 2025
Group Company
31-Mar-25 31-Mar-24 31-Mar-25 31-Mar-24
N’000 N’000 N’000 N’000

Cash flows from operating activities

Profit before tax 47,577,860 24,055,588 19,879,490 18,126,278

Adjustments for:
- Loss on sale of property plant and equipment 41,461 - 41,461 -
- Loss on sales of palm seedlings - - - -
- (Gain)/Loss on biological asset valuation
- Depreciation of property plant and equipment 2,482,625 1,083,207 963,670 819,914
- Depreciation of Right-of-use assets
- Amortization of intangible assets 8,203 7,752 420 420
- Recognition of government grant on additional loan
- Finance cost 10,526,218 2,278,913 9,210,062 1,564,686
- Finance income (59,134) (186,475) (1,034,238) (186,475)
- Service cost
- Loss on Net monetary amount 756,636 - - -
- Exchange loss/(gain) 183,578 - (2,668,413) -
61,517,447 27,238,984 26,392,452 20,324,822

Movement in working capital:

- (Increase) in trade and other receivable 2,918,976 (19,878,406) (1,731,266) (11,335,782)
- (Increase)/decrease in inventories (24,215,272) (6,201,347) (16,075,382) (5,031,181)
- Increase in trade and other payable (88,492,487) 8,717,017 3,001,919 (64,638)
- Decrease in deferred income from advances from customers 0 - 0 -
- Increase in employee benefits 762,058 - -
Cash generated from operating activities (47,509,278) 9,876,248 11,587,723 3,893,221

-Benefits paid 746,849 (267,655) 746,849 (664,106)

-Tax paid - (138,676) - (138,676)
Net cash generated from operating activities (46,762,430) 9,469,917 12,334,571 3,090,440

Cash flows from investing activities

Acquisition of Property, plant and equipment (2,799,961) (5,911,801) (1,467,895) (3,459,723)
Investment in subsidiaries (92,094,946)
Decrease in right of use assets -
Proceeds from sale of property, plant and equipment - - -
Interest income 59,134 1,034,238
Proceeds from sale of palm seedling - - -
Net cash used in investing activities (2,740,827) (5,911,801) (92,528,603) (3,459,723)

Cash flows from financing activities

Interest paid (10,526,218) (2,122,588) (9,210,062) (1,408,160)
Net Loan received during the year 102,306,859 1,699,986 106,535,742 199,986
Repayment during the year - (1,673,362) (341,431)
Net movement on lease liabilities 25,104 - 58,381 -
Net cash used in financing activities 91,805,745 (2,095,964) 97,384,060 (1,549,603)

NET INCREASE/(DECREASE) IN CASH AND CASH

EQUIVALENT 42,302,488 1,462,152 17,190,028 (1,918,887)
Exchange Loss / gain (183,578) - 2,668,413 -
CASH AND CASH EQUIVALENT AT BEGINNING OF
YEAR 28,484,089 2,510,112 25,354,481 3,558,823

CASH AND CASH EQUIVALENT AT END OF THE

PERIOD 70,602,999 3,972,264 45,212,922 1,639,936

5
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED
31 MARCH 2025

1. General Corporate Information

Presco Plc was incorporated in Nigeria on 24th September, 1991 as Presco Industries Limited, a private limited liability
company under the Companies and Allied Matters Act, and became a public limited liability Company in February, 2002.
Presco Plc’s shares are actively traded on The Nigerian Stock Exchange with the Siat Group holding 60% while the
Nigeria Public holds 40%.

Presco is a fully integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing
plant and vegetable oil refining plant. Presently, the only one of such in Nigeria.

Presco specializes in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into
finished products.

Presco supplies specialty fats and oils of outstanding quality to customers’ specification and assures a reliability of
supply of its products all year round. This is made possible by the integrated nature of the company’s production
process.

The company operates from eight estates (6 in Nigeria and two in Ghana): Obaretin Estate, Ologbo Estate and ATO
Estate in Edo State, Cowan Estate in Delta State, Ubima & Elele in Rivers State, Kwae and Okumaning estates in
Ghana.

The address of the Company’s registered office is Obaretin Estate, Km 22 Benin-Sapele Road, Ikpoba-Okha LGA, Benin
City, Edo State.

2. Significant accounting policies

The Group financial statements for the period ended 31 March 2025 have been prepared in accordance with
International Financial Reporting Standards ("IFRS") and interpretations issued by the IFRS Interpretation Committee
(IFRIC) applicable to companies reporting under IFRS and the requirements of the Companies and Allied Matters Act
CAP C.20 Laws of the Federation of Nigeria, 2004 and the Financial Reporting Council of Nigeria Act, 2011.

Presco Plc Group has consistently applied the same accounting policies and methods of computation in its interim
condensed consolidated and separate financial statements as in its annual financial statements. There were no new
standards, interpretations and amendments, effective for the first time from 1st January 2025 which had a material
effect on these financial statements.

2.1 Basis of preparation

i) Compliance with IFRS
The interim condensed consolidated and separate financial statements have been prepared in accordance with IAS 34
Interim Financial Reporting and under the historical cost convention, except for the revaluation of biological assets.
They do not include all disclosures that would otherwise be required in a complete set of financial statements and
should be read in conjunction with the 2024 annual report. The financial statements were prepared on a going concern
basis.

ii). Basis of consolidation

The Group condensed financial statements incorporates the financial statements of the Company and its subsidiaries
made up to 31 March 2025. Control is achieved where the investor; (i) has power over the investee entity (ii) is
exposed, or has rights, to variable returns from the investee entity as a result of its involvement, and (iii) can exercise
some power over the investee to affect its returns.

ii). Basis of measurement

The financial statements have been prepared in accordance with the going concern assumptions under the historical
cost concepts except for the revaluation of biological assets.

The historical financial information is presented in Naira and all values are rounded to the nearest thousand (N'000),
except where otherwise indicated. The accounting policies are applicable to both the Company and Group.

6
PRESCO PLC

Notes to the interim consolidated and separate financial statements

for the three months ended 31 March 2025

3 Revenue
Group Company
Disaggregation of revenue
Three months ended 31 March Three months ended 31 March
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Revenue from contract with customers
-Sales of crude and refined products 93,785,145 42,540,316 52,417,332 29,518,214
-Mill by-products - 5,103 - 5,103

93,785,145 42,545,419 52,417,332 29,523,317

Geographical market
-Nigeria (place of domicile) 74,509,100 42,545,419 52,417,332 29,523,317
-Ghana 19,276,045

Timing of revenue recognition

-At a point in time 93,785,145 42,545,419 52,417,332 29,523,317
-Over time
93,785,145 42,545,419 52,417,332 29,523,317

4 Seasonality of operations
The Company has increased its production to build up its inventory to meet the demand of customers for the next
months in the year, in case of any lean season observance.

5 Cost of Sales Group Company

Three months ended 31 March Three months ended 31 March
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Raw materials consumed 2,111,070 789 2,634,396 -
Production Cost 2,708,701 7,171,201 1,095,936 4,426,973
Depreciation of property, plant and equipment 2,482,625 1,083,207 963,670 819,914
Repairs and maintenance 348,809 492,277 348,809 401,323
7,651,205 8,747,474 5,042,811 5,648,210

6 Administrative expenses

Clearing and handling 47,732 468,488 47,732 278,457

Office and housing expenses 578,905 183,459 257,746 141,310
Rent and rate 39,465 24,400 39,465 800
Repairs and maintenance (admin) 1,015,338 460,085 464,916 380,063
Gratuity expense 7,189 6,345 7,189 6,345
Postage and telephone 86,487 52,152 17,432 4,621
Insurance 458,759 299,343 291,582 248,197
Legal fees 339,650 3,652 48,432 3,252
Audit 131,032 29,372 46,196 23,153
Professional and other consultancy fees 288,936 523,569 257,665 503,337
Donations 6,900 15,270 6,000 11,480
Subscription and licenses 193,739 112,330 54,072 101,074
Transport and travelling 2,162,435 1,612,367 1,514,572 1,407,682
Management Fees 2,673,090 1,073,481 1,164,083 589,424
Security 385,848 232,273 202,399 113,050
Community development 103,351 136,042 102,851 136,042

Meeting, Entertainment and Corporate Social Responsibility (CSR) 9,298 105,623 1,900 98,812
Directors fees 85,370 71,729 69,320 62,167
Staff costs 8,110,677 1,900,257 2,638,570 1,279,678
Amortization of Intangible asset 8,203 7,752 420 420
Bank Charges 264,792 129,711 214,664 100,788
Other taxes 93,213 28,991 - -
Other expenses/(income) 226,231 120,758 91,549 32,919
17,316,640 7,597,449 7,538,758 5,523,074

7
PRESCO PLC

Notes to the interim consolidated and separate financial statements

for the three months ended 31 March 2025

Group Company
Three months ended 31 March Three months ended 31 March
2025 2024 2025 2024
N’000 N’000 N’000 N’000
7 Selling and distribution expenses
Finished products (Road transport) 487,733 515,036 483,444 432,998
Selling expenses 54,308 5,203 21,077 5,203

542,041 520,239 504,521 438,201

8
Other gains/(losses)
Government grants - - - -
Gain on disposal of Fixed Assets 41,461 2,054 41,461 2,054
41,461 2,054 41,461 2,054

9 Other operating income/(losses)

Livestock sales 25,727 797 24,304 797
Miscellaneous goods & Materials sales - 163,059 - 163,059
Miscellaneous Operating Income 1,180,175 428,174 910,898 343,106
Palm seedlings/Fertilizer sales 123,850 82,775 123,850 82,775

1,329,752 674,805 1,059,052 589,737

10 Finance cost
Interest on loan 10,460,361 2,004,237 9,213,589 1,360,650
Interest on overdraft 18,179 274,676 (3,527) 204,035
Lease interest 47,678 -
10,526,218 2,278,913 9,210,062 1,564,686

10.1 Finance Income

Loan Income - - 975,103 -
Income on fixed deposit 59,134 186,475 59,134 186,475
59,134 186,475 1,034,238 186,475

11 Unusual items
There were no unusual items as at the end of March 2025 (March 2024: Nil)

12 Income tax
Group Company
Three months ended 31 March Three months ended 31 March
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Current Income tax 9,374,398 4,714,819 8,053,956 4,714,819
Education tax 904,072 437,364 904,072 437,364
10,278,470 5,152,183 8,958,028 5,152,183
Deferred tax 750,000 450,000 750,000 450,000
11,028,470 5,602,183 9,708,028 5,602,183

8
PRESCO PLC

Notes to the interim consolidated and separate financial statements

for the three months ended 31 March 2025

13 EARNING PER SHARE

Basic earnings per share is derived by dividing profit or loss attributable to the ordinary equity holders by weighted average number of ordinary shares outstanding during the
period.

Group Company
Three months ended 31 March Three months ended 31 March
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Net profit attributable to equity holders of the Company 47,577,860 24,055,588 19,879,490 18,126,278
Effect of dilutive potential ordinary shares: - -
47,577,860 24,055,588 19,879,490 18,126,278

Weighted average number of shares (000) 1,000,000 1,000,000 1,000,000 1,000,000

Basic and diluted earnings per share (Naira) 47.58 24.06 19.88 18.13

14 PROPERTIES PLANT AND EQUIPMENTS

(a) During the three months ended 31 March 2025, the Group acquired Property, Plant & Equipment at a
cost of NGN 2.8 billion while that of the company was N1.5 billion

(a) Impairment of Assets

Within the period under review, none was impaired and there were no reversals of previous impairment charges in the
current period.

15 INVESTMENT IN SUBSIDIARY

Hereunder, is the entity controlled by Presco Plc, the Group.

Place of Carrying amount

Name of Company incorporation % interest
March December
2025 2024
N’000 N’000
Siat Nigeria Limited Nigeria 100 23,000,000 23,000,000
Ghana Oil Palm Company Development (GOPDC) Limited Ghana 100 195,081,537 102,986,591

In January 2025, additional 48% of GOPDC was acquired. This now brought the total of 100 percent interest in GOPDC.

15.1 Good will from the acquisition of 48% interest in GOPDC

31-Mar-25 31-Dec-24
NGN '000 NGN '000
Net asset acquired 77,745,546 83,969,795
Purchase consideration 92,094,946 102,986,590
Goodwill 14,349,400 19,016,795

15.2 Movement in Goodwill

Balance as at January 2025 26,713,999 7,697,204
Addition during the period 14,349,400 19,016,795
Balance as at 31 March 2025 41,063,399 26,713,999

16 INVENTORIES Group Company

March December March December
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Supplies (Spares) 11,051,753 12,191,753 7,450,804 8,459,590
Finished Goods 35,406,232 16,414,251 10,361,156 1,101,996
Goods in transit 10,410,372 2,141,408 9,054,552 1,229,544
56,868,357 30,747,412 26,866,512 10,791,130

17 TRADE AND OTHER RECEIVABLES

As of the end of reporting period, the analysis of the trade debtors and bills receivables
(which are included in trade and other receivables) based on invoice date is as follows:

Group Company
March December March December
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Trade receivables 12,646,794 5,622,095 9,394,932 1,714,453

12,646,794 5,622,095 9,394,932 1,714,453

Other receivables
Intercompany receivable 290,453 15,720,963 23,635,450 33,737,811
Other debtors 22,483,947 16,754,689 14,848,016 10,694,867
Financial assets measured at amortised cost 35,421,194 38,097,747 47,878,398 46,147,131

The average credit period granted to customers is 30 days.

9
PRESCO PLC

Notes to the interim consolidated and separate financial statements

for the three months ended 31 March 2025

18 CASH AND CASH EQUIVALENTS

Group Company
March December March December
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Cash and cash equivalents in the Statement of Financial Position 70,629,106 31,402,555 45,232,087 25,354,481
Bank overdrafts (26,107) (2,918,466) (19,164) (2,708,881)
Cash and cash equivalent in the statement of cash flows 70,602,999 28,484,089 45,212,922 22,645,600

19 BIOLOGICAL ASSETS: AGRIC PRODUCE

At fair value
Fresh fruit bunches - 1st January 70,505,131 70,505,131 36,176,158 36,176,158
Effect of inflation adjustment (62,551) - - -
Effect of Foreign exchange (677,743)
Changes in fair value less cost to sell - - - -
69,764,837 70,505,131 36,176,158 36,176,158
Analysed into
Non Current - - - -
Current 69,764,837 70,505,131 36,176,158 36,176,158
69,764,837 70,505,131 36,176,158 36,176,158

20 CAPITAL, RESERVES AND DIVIDENDS

Share Capital

Authorised share capital 500,000 500,000 500,000 500,000

Issued and fully paid up capital 500,000 500,000 500,000 500,000

Share Premium
Share Premium 1,173,528 1,173,528 1,173,528 1,173,528

10
PRESCO PLC

Notes to the interim consolidated and separate financial statements

for the three months ended 31 March 2025

21 EMPLOYEE BENEFITS

The employees of the Company are members of the state-managed retirement benefit plan operated by the government of Nigeria.
The Company is required to contribute a specified percentage of payroll costs to the retirement benefit scheme to fund the benefit.

The Company also recognises provision for post-employment benefits for all its permanent employees in accordance with the Statute.
The provision is based on an actuarial valuation by an independent actuary using 'Projected Unit Credit Method'.

22 LOANS AND BORROWINGS

Group Company
March December June December
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Short term borrowings 7,438,519 8,902,484 6,183,706 6,521,982
Long term borrowings 150,314,837 46,544,013 143,226,803 36,352,786
157,753,356 55,446,497 149,410,510 42,874,768

23 TRADE PAYABLES

(a) TRADE AND OTHER PAYABLES

As of the end of reporting period, the aging analysis of the trade creditors and bills payables
(which are included in trade and other payables) based on invoice date is as follows:

Group Company
March December March December
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Trade payables 3,976,412 3,243,548 2,368,893 2,174,922

3,976,412 3,243,548 2,368,893 2,174,922

Other payables
Intercompany payable 117,347,106 121,639,627 111,822,315 114,997,796
Other creditors 12,863,947 10,844,121 4,905,604 3,775,944
Financial assets measured at amortised cost 134,187,465 135,727,296 119,096,812 120,948,662

The average credit period on purchases is 30 days.

11
PRESCO PLC

Notes to the interim consolidated and separate financial statements

for the three months ended 31 March 2025

24 FINANCIAL INSTRUMENT - FAIR VALUE AND RISK REPORT

(a) Accounting classifications and fair value

The Directors consider that the carrying amounts of financial assets and financial liabilities recognised in the financial statements approximate their fair value

Category of financial instrument

Group Company
March December March December
2025 2024 2025 2024
N’000 N’000 N’000 N’000
Financial Assets
Cash and back balances 70,629,106 31,402,555 45,232,087 25,354,481
Trade and other receivables 35,421,194 38,097,747 47,878,398 46,147,131
106,050,300 69,500,302 93,110,484 71,501,613
Financial Liabilities
Borrowings 157,753,356 55,446,497 149,410,510 42,874,768
Overdraft 26,107 2,918,466 19,164 2,708,881
Trade and other payables 134,187,465 135,727,296 119,096,812 120,948,662
Lease liabilities 3,888,932 3,863,828 403,255 344,874
295,855,860 197,956,087 268,929,741 166,877,184

25.1 FREE FLOAT COMPUTATION

Board Listed: Main Board

Year End: December
Reporting Period: Period ended March 2025
Share price at end of reporting period: N785 (March 2024: N231.50)

25.2 Shareholding Structure/Free Float Status

Description 31-Mar-25 31-Dec-24

Unit Percentage Unit Percentage
Issued Share Capital
1,000,000,000 100% 1,000,000,000 100%

Substantial Shareholdings (5% and above)

Names of Shareholders
SIAT 600,000,000 60% 600,000,000 60%
20450 ZPC/SIPML RSA Fund Ii-Main A/C 51,234,022 5.12% 51,234,022 5.12%
Total substantial shareholdings 651,234,022 65.12% 672,544,666 65.12%

Directors' Shareholdings (direct and indirect), excluding directors' holding substantial interests
Name(s) of Directors Unit Percentage Unit Percentage
Mr. Rasheed Sarumi - - - -
Mr. Felix O. Nwabuko FCA 361,700 0.03617% 361,700 0.03617%
Amb. Nonye Udo - - - -
Mrs. Ingrid Vandewiele (Belgian) - - - -
Mr. Abdul Bello 90,000 0.00900% 90,000.00 0.00900%
Mr. Reji George - - - -
Mrs. Iquo Ukoh - - - -
Mrs. Osayi Alile - - - -
Mr. Jan Van Eykeren (Dutch) - - - -
Total Directors' Shareholdings 451,700 0.04517% 451,700 0.04517%
Other influential shareholdings

Total Other influential shareholdings - - - -

- - - -
Free Float in Units and Percentage 348,314,278 34.83% 327,003,634 32.70%
Free Float in Value (NGN) 273,426,708,230 155,326,726,150

Declaration:
A) Presco Plc with a free float percentage of 34.83% as at March 31, 2025 is compliant with The Exchange's free float requirements
for companies listed on the Main Board.
B) Presco Plc with a free float value of value of N 273,426,708,230 as at March 31, 2025 is compliant with The Exchange's free float
requirements for companies listed on the Main Board.

Securities Trading Policy

In compliance with Rule17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) Presco Plc
maintains a Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized
as insiders as to their dealings in the Company's shares. The Policy undergoes periodic reviews by the Board and is updated
accordingly. The Company has made specific inquiries of all its Directors and other insiders and is not aware of any infringement
of the policy during the period under review.

12
PRESCO PLC

Notes to the interim consolidated and separate financial statements

for the three months ended 31 March 2025

26 SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events that occurred after the first quarter that would necessitate a disclosure or, an adjustment.

IAS 29: Financial Reporting in Hyperinflation Economies

Presco Plc classified Ghana as hyperinflationary economies in accordance with the provision of IAS 29 Financial reporting in hyperinflationary
economies.

27 During the period, loss on the net monetary positions amounting to N 757 million has beenrecorded in the statement of profit or loss.

28 APPROVAL OF FINANCIAL STATEMENTS

This consolidated unaudited financial statements were approved for issue in accordance with a resolution of the Board of Directors on 28
April, 2025.

13