Presco surpasses growth target, unveils plans for new year

By Femi Adekoya   |   23 December 2015   |   1:49 am  
PHOTO: insights.ingredientsnetwork.com

PHOTO: insights.ingredientsnetwork.com

Despite the harsh business environment experienced by businesses in the country in 2015, the Managing Director of Presco Plc, Felix Nwabuko, has said the company achieved a 97 per cent increase out of its growth projections, while surpassing its profitability target.

To consolidate the gains in 2015, he said the company in 2016, will seek new ways of generating foreign exchange to finance its businesses, maintaining that next year, the company is planning to increase its fresh fruit bunches (FFB) to 200,000 metric tonnes.

“We have been putting our heads together to be able to do that. But in terms of our business, we are hopeful that we will continue to grow. For instance this year, in terms of the commodities that we produce from our plantations we project that we will do 200,000 metric tonnes of FFB.

“This translates into more oil, more revenue. We do not expect a crash in market prices considering all the dynamic policies that are in place. Government has a duty to also ensure that local industries are seriously protected. That is one thing that we want from the government. Our borders must be secured against dumping, so that local businesses like us will be able to do our businesses and do the properly,” he added.

He said the year 2015 has been quite challenging in a number of ways, pointing out that it has been a year where the nation witnessed quite some significant movements within the business environment.

“We had our own fair share of the external shocks that impacted businesses.



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