Presco – Another impressive quarter expected in Q3

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Supported by higher CPO prices due to the continued land border closure and improved demand caused by increased adherence to proper hygiene practices, Presco reported a 29% y/y jump in top line in the first half of the year.

With domestic CPO demand expected to have remained strong and global CPO prices jumping 24% q/q to $657.36/MT in Q3’20, we forecast a 60% y/y jump in Revenue to ₦7.7 billion, albeit 5% lower q/q.

Presco - Another impressive quarter expected in Q3

Furthermore, supported by higher prices and cost containment strategies, we forecast a 15ppts y/y rise in EBIT margin to 42% in Q3’20. However, dragged by inflationary pressures, the margin is expected to come in 5ppts weaker q/q.

In absolute terms, EBIT is expected to have jumped 145% y/y to ₦3.2 billion, albeit 15% lower q/q.

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Overall, Presco’s PAT is expected to rise by 219% y/y to ₦2.0 billion (Q2’20: ₦2.7 billion).

Presco - Another impressive quarter expected in Q3 Brandspurng
Source: Company Fillings, Vetiva Research

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