Shareholders of PZ Cussons Nigeria Plc have given the management of the company the approval to pay a special dividend of N1.30.
The approval was given by the shareholders during the company’s Extra-Ordinary General Meeting on Thursday, and following the approval, shareholders will begin to receive their dividend as from Monday, March 17.
The company’s Board of directors had recommended the special payment recently to be paid from its general reserve.
A statement by the company said that shareholders commended the payment of the dividend, adding that the payment indicated that the directors had the interest of its shareholders at heart.
According to the statement, the shareholders also urged the board to continue with its impressive performance recorded over the years, despite the challenging operating environment.
For the first time, PZ Cussons paid an interim dividend of 20 kobo after posting a 4.7 per cent increase in its revenue, for the half year ended November 30, 2013.
Its revenue which stood at N31bn in the 2012 financial year, rose to N32.46bn in 2013.
Profit before tax was also up by 53 per cent to N3.1bn, up from N2bn the previous year, while profit after tax went up by same margin, from N1.515bn to N2.317bn.
The company explained that the recommendation of the interim dividend was response to request by shareholders in that regard.
Also, it was gathered that the payment of interim dividend aligns with the practice of other companies in the industry where PZ Cussons operate and its United Kingdom parent company.
https://www.punchng.com/business/capital-market/pz-shareholders-approved-n1-30-special-dividend/