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Presco Q1 profit climbs 87.0% YOY

Presco PLC said its first-quarter normalized net income amounted to 97 kobo per share, a gain of 87.8% from 51 kobo per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 965.2 million nairas, a gain of 87.0% from 516.2 million nairas in the year-earlier period.

The normalized profit margin rose to 30.3% from 24.0% in the year-earlier period.

Total revenue rose 47.8% year over year to 3.18 billion nairas from 2.15 billion nairas, and total operating expenses grew 35.6% from the prior-year period to 1.42 billion nairas from 1.05 billion nairas.

Reported net income rose on an annual basis to 1.40 billion nairas, or 1.40 nairas per share, from 602.1 million nairas, or 60 kobo per share.

As of May 17, US$1 was equivalent to 199.05 nairas.