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Presco Delivers A Pretax Profit Of N53.2bn In Q2 2025, 156% Growth From Q2 2024

By
Samuel Nwite
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0

Presco Plc has posted a remarkable financial performance for the quarter ended June 30, 2025, signaling what analysts now describe as a golden era for Nigeria’s palm oil sector.

The company reported a pretax profit of N53.2 billion in Q2 2025, marking a 156% increase from N20.7 billion recorded in the same period last year.

The result lifted Presco’s half-year pretax earnings to N111.8 billion, up 121.76% from H1 2024, driven primarily by a massive jump in revenue. In Q2 alone, the company’s revenue soared by 130.79% to N104.9 billion, pushing H1 revenue to N198.7 billion—more than double the N88 billion it recorded in the corresponding period last year.

Notably, 100% of Presco’s revenue came from the sale of crude and refined palm oil products. Domestic sales accounted for the majority at N146.4 billion, while Ghana contributed N52.2 billion. This surge reinforces palm oil’s growing status as a high-yield export commodity amid Nigeria’s drive to diversify its economy away from crude oil.

The company’s gross profit more than doubled to N87.1 billion in Q2, up from N31.7 billion in the same quarter last year, despite a 30.36% increase in cost of sales. However, administrative expenses spiked significantly—up 207.17% year-on-year to N23.2 billion—reflecting rising overheads amid expanding operations. Still, the topline strength outpaced expenses, as operating profit climbed to N60.7 billion, from N22.7 billion in Q2 2024.

Finance costs also rose sharply, largely due to interest on borrowings, which jumped 319.27% to N8.9 billion. But these higher costs had little impact on overall profitability, as net income surged 177.59% year-on-year to N41.1 billion.

Presco’s balance sheet showed significant expansion, with total assets growing by 29% to N612.9 billion. Retained earnings rose to N220.6 billion, up from N126.7 billion in December 2024, signaling strong reinvestment potential.

Presco’s Managing Director, Reji George, expressed optimism over the company’s growth trajectory, stating: “Looking ahead, we are well-positioned to sustain this momentum, with our robust operational capacity and strategic initiatives expected to drive continued growth and value creation for our stakeholders.”

Presco’s stellar performance comes amid similar success from Okomu Oil Palm Plc, Nigeria’s other major palm oil producer. Both companies have delivered consecutive double- and triple-digit growth figures in recent quarters, causing market watchers to dub palm oil “Nigeria’s new gold.” The surge in profitability for these firms is being viewed as a validation of palm oil’s rising value, not only as a domestic commodity but also as a vital export.

The rally in palm oil prices globally, along with government opposition to the importation of edible oils and increased demand for locally refined products, has created a favorable market environment for both Presco and Okomu. Together, they are fast becoming bellwethers of a resurging agro-industrial sector that was once Nigeria’s economic backbone before the oil boom of the 1970s.

As of the close of trading on July 29, 2025, Presco’s stock was priced at N1,550, delivering a staggering 226.32% year-to-date return—another reflection of investor confidence in the sector’s future.

Key Highlights (Q2 2025 vs Q2 2024)

  • Revenue: N104.9 billion (+130.79% YoY)
  • Cost of Sales: N17.8 billion (+30.36% YoY)
  • Gross Profit: N87.1 billion (+174.02% YoY)
  • Administrative Expenses: N23.2 billion (+207.17% YoY)
  • Operating Profit: N60.7 billion (+167.22% YoY)
  • Finance Cost: N8.9 billion (+319.27% YoY)
  • Pre-tax Profit: N53.2 billion (+156.27% YoY)
  • Total Assets: N612.9 billion (+29.02% YoY)

With both Presco and Okomu raking in billions, industry watchers believe palm oil could become a long-term replacement for oil revenues if supported with the right policies and incentives. The current boom also underscores the untapped potential of Nigeria’s agricultural sector, which continues to prove its resilience and profitability in the face of economic headwinds.

Chipper Cash Partners With Western Union And Zoona to Launch International Money Transfers in Zambia

By
Ojukwu Emmanuel
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0

Chipper Cash, a payments platform that allows users to send and receive money, has announced a partnership with Western Union and Zoona Transactions Zambia Limited to introduce international money transfer services through the Chipper Cash app in Zambia.

This service will enable Zambian customers to send and receive money globally, tailored to their convenience and needs.

Zoona, a leading Zambian fintech and payments platform acquired by Chipper Cash in 2022, joins forces with Chipper Cash to serve 5 million customers across Africa. The partnership leverages Western Union’s 175 years of global money transfer expertise and network spanning over 200 countries, combined with Chipper Cash and Zoona’s local payments knowledge and innovative mobile technology.

Chipper Cash app users in Zambia can now send funds to mobile wallets worldwide, access cash pick-up at hundreds of thousands of global locations, with bank account payouts launching soon.

Also, the service caters to Zambia’s diverse financial needs. Users can send money to support family abroad or receive funds from loved ones, regardless of banking status. This aligns with the shared mission of Western Union, Zoona, and Chipper Cash to make financial services accessible to all. In Zambia, where many lack traditional bank accounts, mobile apps like Chipper Cash bridge the gap.

Speaking on the partnership, Mohamed Touhami el Ouazzani, Western Union’s?Regional Vice President of Africa said,

“Zambia’s digitally savvy population of over 20 million is driving a remarkable shift toward mobile-first financial solutions. Integrating our international money transfer services in the Chipper Cash app means customers can transfer funds across our global network – reliably and with ease. I am delighted that, together, we are expanding the possibilities for Zambians to connect, transact and thrive in the global economy.”

Customers can fund Western Union transactions using their Chipper Cash wallet, which can be topped up via retailers, mobile network operators, banks, and ATMs.

Also commenting, Brett Magrath, CEO at Zoona and CPO at Chipper Cash.

“At both Zoona and Chipper Cash, we’ve witnessed firsthand the incredible evolution of Zambia’s financial landscape, from the early days of cash-based transactions and agent networks to a thriving ecosystem of mobile and digital payments. This partnership marks the next chapter in that journey. With smartphone adoption on the rise, there’s an increasing appetite for digital financial services that move beyond USSD to deliver richer, app-based experiences. This partnership extends the reach of Zambia’s vibrant fintech ecosystem, connecting more users to global financial services through a seamless digital experience.”

The launch of this service, comes at a crucial time for the Zambia economy. In recent times, Remittances have played a vital role in Zambia’s economy, supporting household consumption, education, healthcare, and investments. These are funds sent by Zambian migrants, primarily to family and friends, often from countries with significant Zambian diaspora populations. In 2021, remittances were estimated to contribute significantly to Zambia’s GDP, with personal remittances received accounting for a notable share of foreign exchange inflows.

This recent collaboration enhances Western Union’s physical presence in Zambia while advancing the shared mission of Western Union, Zoona, and Chipper Cash to provide accessible financial services to all Zambians, regardless of banking status.

Google Signs EU’s AI Code of Practice as Meta Backs Out, Deepening Rift Over Regulation

By
Samuel Nwite
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0
The US is after Google also

Google has confirmed it will sign the European Union’s general-purpose AI code of practice, a voluntary framework meant to help developers of powerful AI models align with the bloc’s upcoming AI Act.

The move sets Google apart from Meta, which earlier this month refused to endorse the code, calling it overreaching and harmful to Europe’s AI prospects.

The decision by Google comes just days before August 2, when new EU rules for providers of “general-purpose AI models with systemic risk” are scheduled to take effect. These rules apply to major players like Google, Meta, OpenAI, Anthropic, and others building or deploying large-scale generative models. While the AI Act gives these companies two years to fully comply, the EU code of practice acts as a transitional mechanism to encourage best practices ahead of enforcement.

In a blog post published Wednesday, Kent Walker, Google’s President of Global Affairs, acknowledged that the final version of the code was an improvement from the original draft, but said the company still holds “serious reservations.” He warned that the AI Act and its accompanying code could hinder innovation, citing concerns over deviations from EU copyright law, slowed approval timelines, and exposure of proprietary trade secrets.

“We remain concerned that the AI Act and Code risk slowing Europe’s development and deployment of AI,” Walker wrote.

Despite those reservations, Google is going forward with its commitment to sign the code, making it one of the first among the world’s top AI firms to publicly declare support for the EU framework. Signing the code binds AI developers to a list of expectations, including keeping updated documentation on their AI models, avoiding the use of pirated content in training datasets, and responding to content owners who do not wish to have their work used to train AI.

Meta’s refusal to sign has drawn a sharp line within the AI industry. The company described the code as legally questionable and accused the EU of creating obligations that go beyond the AI Act’s legal framework. Meta also criticized what it called Europe’s “wrong path on AI,” arguing that such regulations may discourage companies from building foundational AI systems in the region. This sentiment reflects broader tensions between U.S. tech giants and European regulators, especially as the EU takes the lead globally in attempting to place guardrails on AI.

The EU’s AI Act itself is a sweeping risk-based regulation. It bans certain “unacceptable risk” uses of AI, including manipulative behavioral systems and social scoring, while placing strict controls on “high-risk” applications like facial recognition, biometrics, education, and employment. Developers of such systems will be required to register their models, conduct risk assessments, and meet transparency and quality management obligations. Violators face stiff penalties, including fines of up to 7% of global turnover.

While the code of practice is not legally binding, it offers a glimpse of how the EU plans to interpret and enforce the broader rules of the AI Act. Companies that sign the code are expected to benefit from greater legal clarity and reduced regulatory friction, particularly during the transition period before the full force of the law kicks in.

Google’s decision to align with the EU—despite ongoing misgivings—signals a cautious but strategic embrace of regulatory cooperation. Meta’s defiance, on the other hand, highlights deep industry fractures over how best to balance innovation with accountability in the fast-evolving AI space.

It is not clear for now whether other U.S. firms like Microsoft, OpenAI, or Anthropic will follow Google’s lead or side with Meta. What’s clear is that the EU’s push to rein in AI through comprehensive rules is no longer theoretical. The regulatory future is arriving, and companies must now choose their path.

Unlock Your Potential with Tekedia Mini-MBA: Where Knowledge Meets Business Execution

By
Ndubuisi Ekekwe
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0

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Afriex Expands Into Asia’s Largest Remittance Markets to Power Cross-Border Payments For African Traders And Diaspora

By
Ojukwu Emmanuel
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0

Afriex, a money-transfer platform that allows users to make instant and affordable money transfers locally and abroad, has expanded into Asia’s three biggest remittance markets, China, India, and Pakistan to meet rising demand for seamless cross-border payments.

The move strengthens Afriex’s position to serve African merchants and diaspora communities engaged in foreign trade or sending money home.

Speaking on the expansion, Afriex’s co-founder and CEO Tope Alabi said,

“Our money transfers to India and Pakistan are instant, just like sending money to a friend or paying your Uber driver, and 90% of our transactions are completed in under two seconds. Although on China’s side, we are not yet at the same level of instant, but we’re getting close.”

Asia’s remittance market is a critical component of the global financial landscape, driven by high migration rates and the economic contributions of diaspora communities.

The global remittance market was valued at approximately USD 796.74 billion in 2023 and is projected to reach USD 1,334.69 billion by 2032, with a CAGR of 5.9%. Asia-Pacific holds the largest share, accounting for a significant portion of global inflows due to its high migrant population.

In 2022, Asia received USD 302.1 billion in remittances, the largest share of the global total of USD 682.6 billion. The Asia-Pacific digital remittance market was valued at USD 49.85 billion in 2018 and is expected to reach USD 269.78 billion by 2026, with a CAGR of 23.5%, driven by mobile money ecosystems and digital platforms.

India alone received $120 billion in remittances in 2023, followed by China with $50 billion and Pakistan with $27 billion three of the world’s top five recipient countries.

Afriex’s expansion to Asia’s biggest remittance markets comes amid a global surge in cross-border payments, fueled by migration, trade, and remote work. This move reflects the startup’s ambition to bridge financial connectivity between Africa and Asia, driven by increasing trade, migration, and global payment trends.

Afriex’s entry will facilitate smoother money transfers between Africa and Asia, benefiting African traders importing from Asia and diaspora communities supporting families.

Afriex was founded in 2019 by Alabi and John Obirine to fix a broken system where cross-border transfers were slow, expensive, and unfair. The company began as a simple MVP for friends and family.

Currently, the startup enables users to send and receive money in local currencies between Africa and other regions without relying on traditional payment rails like SWIFT. Its multi-currency payment infrastructure settles transactions in real time through a mobile app integrated with local banks.

Afriex enables real-time, low-cost money transfers through its mobile app, bypassing traditional systems like SWIFT. It waives fees on transfers above USD 10, earning revenue via foreign exchange spreads, and integrates with local banking systems for seamless settlements.

Afriex’s services target African traders and global diaspora populations that import goods or support families across these markets. To encourage adoption, Afriex waives transaction fees on transfers above $10, generating revenue from foreign exchange spreads.

The company currently has over 600k active users, serves over 50+ countries, and is backed by leading investors which include Y Combinator, Dragonfly, Sequoia Capital, and GoldenTree Asset Management.

Afriex aims to achieve instant payments to China by the end of 2025, matching its capabilities in India and Pakistan. The company partners with local firms in each country to navigate regulatory requirements efficiently.

The startup joins other African fintechs expanding globally, which include Flutterwave, which entered India through a local banking partnership in 2023, and LemFi, which secured $53 million in 2025 to scale operations across Asia and Europe. However, its focus on African-Asian corridors differentiates it, offering tailored solutions for underserved trade and remittance routes.

Notably, while its approach has evolved over the years, the company’s long-term goal is to build a global bank that enables people to send money to anyone instantly.

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