Presco Plc

A brief history

When Siat became involved in Presco in 1991, the Company had only the Obaretin Estate with an oil palm plantation size of 3,000 ha. Under Siat’s management, a new expansion programme commenced from 1993 onwards, as a result of which an additional 4,000 ha have been planted at the Obaretin Estate.

In 1996, Presco acquired the 2,780 ha Oil Palm Estate at Ajagbodudu, Delta State (also known as the Cowan Estate). Since than the plantations and social infrastructure have been rehabilitated and all old plantings have been replanted with high yielding planting material.

Apart from the existing estates, Presco has acquired a total area of about 7,500 ha at Ologbo to develop a new plantation of which 3,143 ha have been planted.

Presco has been listed on the Nigerian Stock Exchange since 2002. The Siat Group holds 60% of the shares while 7,000 Nigerian shareholders hold the remaining 40%.

Siat manages Presco under a management contract.

 
Presco today

Presco today consists of :
• Oil palm plantations of 11,537 hectares of which 8,800 are mature
• A palm oil mill with a capacity of 48 tonnes fresh fruit bunches/hour
• A refinery / fractionation plant with a capacity of 100 tonnes/day
• A palm kernel crushing plant with a capacity of 60M tonnes/day
• storage capacity for products of 6,000 tonnes.





Future prospects and strategy

Presco aspires to remain the leader in the oil palm agro-industry in Nigeria. Through its fully integrated production chain (from seedling to finished product) the company is able to produce speciality oils and fats of outstanding quality to customer’s specification and is able to guarantee reliability of supply of its products the whole year round.

By increasing planted areas and improving yields using modern planting material, the company expects its production to grow. In order to cope with this increase, Presco plans to expand its processing facilities accordingly. An investment programme has been put in place for the period 2010 – 2020. This expansion programme will help the company to face its ever increasing demand from its Nigerian clients.

Presco plans to plant and replant a total of 2,000 hectares between 2011 and 2013 at Obaretin and Cowan Estates. Presco is continuously working to acquire and increase its land bank and is on verge of a major acquisition.

Presco continuously invests in research and development for new products for the food industry.

The Company assists outgrower plantations with the financial assistance of the Edo and Delta State Governments of Nigeria.

For further information on Presco Plc please visit www.presco-plc.com.