Presco Reports N20.781 Billion Pre-Tax Profit In Q2 2024

For the second quarter ended June 30, 2024, Presco Plc recorded a pre-tax profit of N20.781 billion, which is a 159.77% year-on-year (YoY) increase.

Thanks to this achievement, the H1 2024 pre-tax profit reached N50.439 billion, surpassing the pre-tax profit for the entire 2023 year by 0.86%.

Additionally, the company’s Q2 2024 financial statement shows that sales of crude and refined products contributed significantly to the increase in revenue, which outpaced the growth in cost of sales and drove the growth in profit.

In Q2 2024 revenue surged by 74% year-on-year to N45.474 billion, bringing H1 2024 revenue to N88.02 billion, which is about 86% of the full-year revenue for 2023.

Read Also: Okomu Oil, Presco reveal 94% growth in profits in Q1’2024 amidst inflation

Key highlights (Q2 2024 vs Q2 2023) 

Revenue: N45.474 billion +73.86% YoY

Cost of sales: N13.685 billion +30.51% YoY

Gross profit: N31.790 billion +102.86% YoY

Administrative expenses: N7.582 billion +34.41% YoY

Read Also: Presco’s Shareholders To Get N26.3 Billion Dividend For FY’2023

Selling & Distribution expenses: N630 million +79.68% YoY

Exchange Losses: N1.710 billion +1,127.02% YoY

Operating profit before finance income and finance cost: N22.725 billion +130.43% YoY

Finance cost: N2.139 billion +14.32% YoY

Profit after tax: N14.82 billion +189.44% YoY

Earnings per share: N14.82 +189.45% YoY