PRESCO PLC FY'16 - Another strong earnings performance in sight

PRESCO reported FY’16 PAT of ₦21.7 billion, a significant improvement from the ₦2.5 billion reported in FY’15. The notable surge in bottom line was largely driven by a ₦24.9 billion revaluation gain on biological assets (FY’15: ₦1.1 billion). Excluding the revaluation gains however, earnings would still have come in very strong, with PBT doubling y/y to c.₦6.3 billion despite recording FX loss of ₦1.4 billion. In line with industry trend, the y/y earnings performance was majorl...