Alexander Okere, Benin
The management of Presco Oil Plc on Wednesday announced a turnover of N15.7bn for the year ending December 31, 2016, with a profit after tax of N21.735bn, after accounting for changes in fair value of biological assets.
It also had the payment of the sum of N1.5bn proposed by the management and approved by its shareholders as dividend for the year under review.
The Chairman of the company, Mr. Pierre Vandebeeck, who spoke during the firm’s 24th Annual General Meeting in Benin, Edo State, said that the dividend also translated to 150 kobo per share, subject to withholding tax at the appropriate rate.
Vandebeek said that the company’s dividend increased by 50 per cent, while the turnover for the year was an improvement from the N10.4bn recorded in 2015.
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