PZ Cussons Nigeria reports impressive 104% increase in pre-tax profit
By Kingsley Odii
NGX PZ Cussons Nigeria Plc has announced its financial results for the year ending May 31, 2023, revealing a remarkable year-on-year growth of 104% in pre-tax profit. The group posted a profit of N20.46 billion, showcasing its strong performance during the fiscal year.
The company also reported a revenue of N113.96 billion, marking a solid 15% increase compared to the previous fiscal year. These impressive numbers reflect PZ Cussons Nigeria’s successful efforts in driving growth and profitability.
Notably, the group recorded significant growth in various financial metrics, including gross profit, operating profit, and profit after tax. Gross profit rose by 36% to reach N32.95 billion, while operating profit skyrocketed by an astounding 3652% to reach N8.22 billion. Profit after tax saw a notable increase of 100%, reaching N14.35 billion.
PZ Cussons Nigeria’s success can be attributed to its robust financial management and strategic decision-making. The company’s prudent cost control measures and efficient revenue generation have further contributed to its strong financial performance.
In a significant development, PZ Cussons (Holdings) Limited, the major shareholder of the group, has announced its plans to acquire all other shareholders’ shares of the Company at ₦21 per share, pending market conditions. This move indicates PZ Cussons Nigeria’s intent to delist from the Nigerian Exchange Group (NGX) subject to approval from the board, shareholders, and regulatory authorities.
During the fiscal year, the company spent N67.76 billion on imported materials and services, representing a 6% increase from the previous year. This investment highlights PZ Cussons Nigeria’s commitment to sourcing quality inputs and maintaining operational excellence.
PZ Cussons Nigeria Plc, a subsidiary of PZ Cussons (Holdings) Limited based in the UK, is a leading consumer goods company in Nigeria. The company’s diverse portfolio includes subsidiaries such as Nutricima Limited, Harefield Industrial Nigeria Limited, PZ Coolworld Limited, PZ Wilmar Limited, PZ Wilmar Food Limited, and HPZ Limited, the licensed distributor of Thermocool products in Nigeria.
With its remarkable financial results and upcoming plans for delisting, PZ Cussons Nigeria Plc continues to demonstrate its strong position in the Nigerian market and its commitment to delivering value for shareholders.
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