Presco Plc has recorded low performance for the financial year ended December 31, 2018 as profit after tax declined by 24.3 per cent.
The company result submitted at the Nigerian Stock Exchange showed that the profit went down by N1.442 billion to N4.284 billion from N5.726 billion reported in the comparable period of last year.
Also, profit before tax dropped by 19.12 per cent to N6.321 billion from N7.815 billion achieved in the previous year while the company paid tax of N2.036 billion against N2.088 billion paid in 2017 financial year.
An analysis of the company result within the period under review indicated that revenue dipped by 4.56 per cent to N21.344 billion from N22.365 billion recorded in the preceding year while cost of sales declined by 20 per cent from N5.941 billion in the comparable period of 2017 to N4.753 billion at the end of December last year.
Gross profit increased slightly to N16.591 billion within the period under review from N16.424 billion, distribution expenses grew to N3.666 billion in 2018 from N317.25 million , representing an increase of 15.66 per cent. Finance costs rose by 31.17 per cent to N1.276 billion from N973.48 million in the comparative period of 2017.
Earnings per share down by 24.30 per cent to 430 kobo from 568 kobo.
Total assets appreciated from N45.968 billion to N58.678 billion, representing 27.60 per cent while total liabilities surged by 43.10 per cent to N34.504 billion at the end of December, 2028 from N24.111 billion made in the previous year.
Meanwhile, the company first quarter result ended March 31, 2019 released by NSE showed that revenue down by 16.45 per cent to N5.506 billion from N6.590 billion in the same period of 2018.
Gross profit also dipped by 43.59 per cent to N822.16 million from N1.457 billion at the end of March 2018. Profit before tax which stood at N3.432 billion in 2018 went down by 47.84 per cent to N2.576 billion while profit after tax decreased by 17.6 per cent to N2.140 billion from N2.597 billion posted in the comparative period of 2018.
The board of Presco approved total dividend payment of N2.0 billion which was the same amount paid the previous year and the payment is subject to the deduction of withholding tax at the appropriate rate. The amount translated into N2.00 per share held by investors.