By Goddy Egene
PZ Cussons Plc has assured shareholders of consistent dividend payment, saying the company is well positioned to leverage emerging opportunities in the industry to boost its profitability.
The Chief Executive Officer of the company, Christos Giannopoulos, stated this when company’s board and management sounded the closing gong at the Nigerian Stock Exchange (NSE) in Lagos last week.
He told journalists that PZ Cussons is one of the few companies that have paid dividends over the years, saying that policy would continue.
According to him, “as long as we paid dividend, it means the fundamental of the company and confidence of investors in the company is strong.”
He disclosed that the company currently imports majority of its raw materials, noting that if the suppliers could set up operations in the country, it would reduce the cost of production and increase its bottom line.
“The company is doing everything within its powers to attract our suppliers to set up their operations in Nigeria,” he said.
Giannopoulos said that the company is working hard to reduce the amount of foreign goods that comes into the country, adding that the firm has brought its associate companies and currently secured 26 hectares of land which allows it to produce palm oil in Nigeria.
He said Nigeria has a lot of raw material and the ability to create and not to depend on import products.
He said: “PZ Cussons has brought its associate companies and got 26 hectares of land plantation which allows us to produce palm oil in Nigeria. Nigeria was once the biggest. Palm tree in the world. So we are doing our part to be able to reduce the amount of foreign goods that Nigeria requires. The rest of our businesses are at growth stage and the old brands always looking to find the opportunities with the consumer as their taste are changing.
“As it stands today, we still import majority of our raw material, we are working very hard with our suppliers to attract them to come and set up their operations in Nigeria.”
He advised the government to be consistent with its policy, saying that would enable company to plan well.
“Business requires stability, the most important thing is for government to put in place policies or enforce policies on a long term basis,” the PZ Cusson CEO said.