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Presco Q3 profit climbs 76.4% YOY

Presco PLC said its third-quarter normalized net income was 1.15 nairas per share, an increase of 76.7% from 65 kobo per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.15 billion nairas, an increase of 76.4% from 651.3 million nairas in the year-earlier period.

The normalized profit margin increased to 26.0% from 19.4% in the year-earlier period.

Total revenue increased 31.6% on an annual basis to 4.42 billion nairas from 3.36 billion nairas, and total operating expenses grew 27.7% on an annual basis to 2.26 billion nairas from 1.77 billion nairas.

Reported net income rose 68.8% year over year to 3.79 billion nairas, or 3.79 nairas per share, from 2.24 billion nairas, or 2.24 nairas per share.

As of Oct. 24, US$1 was equivalent to 319.75 nairas.