PZ Cussons Nigeria Plc in its financial results for the year ending May 31, 2023, posted a pre-tax profit of N20.46 billion during the FY, marking a year-on-year growth of 104% from the previous fiscal year.
According to the results, the group generated a revenue of N113.96 billion during the fiscal year, marking a 15% year-on-year growth from 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, the gross profit: N32.95 billion, +36% YoY , while the 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 parent group: N12.89 billion, +116% YoY
Cash and cash equivalents: N58.60 billion, +64% YoY, while the total assets: N166.37 billion, +52% YoY
PZ Cussons (Holding) Limited presently holds a 73.27% stake in the group, being the only major 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 are a direct subsidiary of PZ Cussons Nigeria Plc.