PZ Cussons Rakes N79.6bn Revenue In 2017

Lagos – PZ Cussons Nigeria, one of the leading household product conglomerates in Nigeria has announced gross revenue of N79.6billion from N69.5billion posted in 2016, representing a 15 per cent growth.

Chief Kolawole Jamodu, Chairman, Board of Director of the company who made the disclosure at the firms 69th annual general meeting held in Abuja recently, attributed the sterling performance to the company’s initiative on key brands and the improved capacities in supply chain that were built over time.

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He added that the board and management remain focus in driving stakeholders’ value, while sustaining long term growth initiatives.

Meanwhile, the firm paid out a N1.985billion dividend for that financial year, representing a payment per share of 50kobo.

The company’s Profit Before Tax grew by 51per cent from N3.15billion in 2016 to N4.8billion in 2017.

The company said this was achieved despite the N8.8billion lose incurred during the period under consideration due to significant depreciation of Naira against US dollars.

“We remain focus on our strategic initiatives aimed at driving shareholders value and sustaining long term growth. We continue to consolidate our routes to market to create synergies and optimise on existing infrastructure and facilities, we also continue to invest in projects to improve efficiencies in our supply chain”, Chief Jamodu said.

According to him, the company was able to build a N3billion modern and expanded distribution center in Abuja, and invested in new production facilities for energy saving home electrical appliances to the tune of N1billion during the period.

The board chairman maintained that the company did impressively well growing both top line and the bottom, even under the challenging economic conditions.

He, however, said the result was a reflection of the fact that the underlying business and strength of operations were solid, given the strategic initiatives announced during last year’s AGM.

The post PZ Cussons Rakes N79.6bn Revenue In 2017 appeared first on Independent Nigeria.

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Author: Chris Ebong