Chairman, Presco Plc, Pierre Vandebeeck said the agro-industrial company, Presco remains committed to its bold and long-term expansion programmes which would drive import substitution, foreign exchange earnings and ownership of green energy generation.
In his latest address to shareholders, Vendebeeck said that the company, which was awarded the Corporate Social Responsibility Award for 2016/2017 would achieve sustainable long-term growth by increasing its oil palm plantation with an additional 4,000 hectares; planting its first rubber trees and completing its RSPO certification.
“We have kept our pledge that we will in 2016, concentrate on efficiencies in the management operations across our value chain and continue with our planned long term expansion programmes. This will continue in 2017 as we embark on bold expansion programmes that fall into three broad categories, viz import substitution, forex earnings and own green energy generation. We aim to increase our oil palm plantation hecterage by the planting of an additional 4,000 hectares, plant our first rubber trees. and pursue completion of our RSPO certification,” Vendebeeck said.
He also said the company has expended about N 148.3 million and N101.4 million in 2015 and 2016 on developmental researches which in turn have increased the quality of FFB and oil per hectare of plantation.