PZ Cussons Nigeria Plc will pay out a total N595 million dividend representing 15 kobo per share for its financial year ended May 31 2018 following the approval of its shareholders at the company’s 70th Annual General Meeting in Abuja.
Chairman of PZ Cussons Nigeria Plc, Chief Kola Jamodu explained Thursday that the consolidated revenue grew by 3% to N80.6 billion up from N78.2 billion but noted drop in operating profit and profit after tax by 37.7% and 47.7% respectively relative to previous financial year.during the period under review.
He said this was achieved in spite of the
Chief Jamodu further explained to shareholders that the performance was largely reflective of the state of the country’s economy with a GDP growth of 2%, pointing out that improvement in forex earning, stability and access has however enhanced importation of critical raw materials.
He explained that cost of borrowing also affected “our performance with loan hovering around 20%” thus increasing cost of goods, stressing that this, coupled with illiquidity dampened sales’ growth.
A number of measures have been taken to guarantee a more sterling performance in the next financial year, he assured.
These include further streamlining and optimizing products to improve focus on key brands, consolidation of existing infrastructure and facilities towards improving supply chain efficiencies, optimization of operating model to reduce overheads and speed to meet for new products.
He assured the shareholders that while the competition in the Fast Moving Consumer Goods (FMCG) remains strong, their company’s balance sheet stands at a better stead with total assets of N88.1 billion and continues to maintain a strong cash position that gives the company the flexibility and agility in financing its operations.
Chief Jamodu also informed the shareholders of a number of Corporate Social Responsibility (CSR) projects carried out during the period under review to give back to the society.
He thanked them and others for the confidence reposed on the Board in piloting the affairs of the company.
The shareholders thereafter unanimously approved the recommendation for dividend payment within the next 24 hours.
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