Business
PZ Cussons Reports a 104% Increase in Pre-Tax Profit for FY 2023.
PZ Cussons reports a 104% increase in pre-tax profit for FY 2023.
PZ Cussons Nigeria Plc reported a pre-tax profit of N20.46 billion for the fiscal year ending on May 31, 2023. This represents a remarkable 104% increase compared to the previous fiscal year.
NewsReport states that the group achieved revenue of N113.96 billion in the fiscal year, indicating a 15% year-on-year increase compared to the previous fiscal year.
The group key highlights FY 2023 vs. FY 2022 were revenue: N113.96 billion, +15% YoY, while cost of sales: N81.02 billion, +8% YoY, gross profit: N32.95 billion, +36% YoY, and operating profit: N8.22 billion, +3652% YoY.
Profit before tax: N20.46 billion, +104% YoY
Profit after tax: N14.35 billion, +100% YoY
Profit attributable to equity holders of the parent group: N12.89 billion, +116% YoY
Cash and cash equivalents: N58.60 billion, +64% YoY, while total assets: N166.37 billion, +52% YoY
PZ Cussons (Holding) Limited presently holds a 73.27% stake in the group, being the only significant shareholder in the group.
On September 4, 2023, PZ Cussons Nigeria Plc informed the Nigerian Exchange Limited and the public that the majority shareholder, PZ Cussons Holdings Limited, UK, plans to purchase all other shareholders’ shares of the company at ₦21 per share, contingent on market conditions.
Essentially, the company is in the process of delisting from the Nigerian Exchange Group (NGX), pending the approval of the board, the shareholders, and the regulatory authorities.
During the fiscal year, the group spent N67.76 billion on imported materials and services, representing a 6% year-on-year increase from the previous year.
Other subsidiaries of PZ Cussons (Holding) Limited, UK, domiciled in Nigeria, include Nutricima Limited, Harefield Industrial Nigeria Limited, PZ Coolworld Limited, PZ Wilmar Limited, and PZ Wilmar Food Limited.
HPZ Limited, the licensed distributor of thermocool products in Nigeria, is a direct subsidiary of PZ Cussons Nigeria Plc.