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The Nigerian Exchange Limited (NGX) has announced that it has lifted the suspension on trading in the shares of Presco Plc. The suspension was initially placed due to the company’s default in filing its financials as required.
According to the NGX’s Weekly Report, the suspension was lifted after Presco Plc submitted its outstanding financial accounts. This move comes in line with Rule 3.3 of the Default Filing Rules, which allows the lifting of the suspension upon the submission of relevant accounts that comply with the exchange’s rules.
Trading License Holders and the investing public were notified that the suspension was lifted on August 3, 2023. Presco Plc’s securities were suspended on July 11, 2023.
For the six months ended June 2023, Presco Plc reported sales of N48,072.09 million, a significant increase compared to N41,709.8 million in the same period a year ago. The company’s net income also rose to N15,083.17 million from N13,474.82 million a year ago. Basic earnings per share from continuing operations improved to N15.08 from N13.47 a year ago, while diluted earnings per share from continuing operations also increased to N15.08 from N13.47 in the previous year.
Presco Plc’s share price on the Nigerian Stock Exchange (NGX) closed at N220.00 per share on August 4, 2023. The company has shown significant growth in its share price valuation, starting the year at N137.50 and experiencing a 60% increase since then.
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