PZ Cussons Nigeria Reports N1.7nbn Profit in 2021 FY

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Darasimi Adebisi

PZ Cussons Nigeria Plc has migrated from N7.21billion loss in 2020 financial year to N1.69billion in full year ended May 31, 2021.

The company’s made available by the Nigerian Exchange Limited (NGX) revealed that it recorded N3.44billion profit before tax in 2021 financial year from N7.94billion loss before tax reported in 2020.

The growth in profits was driven significant increase in revenue and non-core business income as the household company reduced interest expenses on loans in banks.

As gathered, revenue rose by 23 per cent to N82.588billion in 2021 from N66.99billion in 2020, while non-core business income closed 2021 at N2.08billion as against N179.14million recorded in 2020.

The breakdown of revenue revealed that Home and personal care products grew by 22.8 per cent to N47.83billion in 2021 from N38.94billion in 2020, while Durable electrical appliances closed 2021 at N34.7 billion in 2021, a 24per cent growth from N28.05billion in 2020.

Notably, the Group reported N5.95billion exchange loss in 2021 from N945.86million in 2020.

PZ Cussons Nigeria’s total assets rose by 12 per cent to N87.34billion in 2021 from N78.03billion in 2020,while total equity closed 2021 at N34.6billion in 2021 , an increase of four per cent from N33.26billion in 2020.

The company in the financial statement proposed a final dividend of 25 kobo per share.

According to the company: “a final dividend in respect of the year ended May 31, 2021 of 25 kobo per share amounting to a total dividend of N992.6 million was declared at the board meeting held on October 20, 2021.”

The group and company are controlled by PZ Cussons (Holdings) Limited, incorporated in the UK, which owns 73.27 per cent (2020: 73.27 per cent) of the group and company’s shares. The remaining 26.73 per cent (2020: 26.73 per cent) of the shares are widely held.

The group’s parent is PZ Cussons (Holdings) Limited (incorporated in the UK) and its global ultimate parent is PZ Cussons Plc.