Presco Plc says it will sustain its ongoing expansion agenda as part of measures to generate more job opportunities and create value for shareholders.
The firm with headquarters in Edo State, specialises in the cultivation of oil palm and in the extraction, refining and fractionation of crude palm oil into finished products, a statement on Monday indicated.
It was, last week, honoured with an award for its sustained dividend payment policy in the last 10 years at the maiden edition of dividend payment awards for Nigeria’s listed companies.
Speaking at the event put together by Third Observers Nigeria Limited, the Administration/Relationships Manager, Presco, Tony Uwajeh, said the company was to sustain ongoing expansion drive in the interest of all stakeholders.
Accompanied by Company Secretary, Patrick Uwadia, Uwajeh explained that the company was to also consolidate on its dividend payment policy which commenced over 10 years ago.
In 2010, Presco increased its refinery/fractionation capacity to 100 tonnes per day. This was needed to cope with increased production from the plantation, and increasing demand from customers. A state-of-the-art 100 tonnes/day fractionation and jerry-can filling Plant was commissioned in 2014. A further expansion to 500 tonnes/day refinery is foreseen by the end of 2019.
Speaking earlier, the Chairman of the event, a former Vice-Chancellor of the University of Lagos, Prof, Oyewusi Ibidapo-Obe, advised Nigerians to invest more in the stock market.
He added, “I believe with more companies listed in the stock market, we can turn around the fortune of our country and minimise our dependence on crude oil.”