• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Opinions Blurb

Floating Of Naira Punishes PZ Plc With A N4.7 billion Exchange Loss

Op-Ed Contributor by Op-Ed Contributor
October 5, 2016
in Blurb
[Corporate Action] PZ Cussons Profit Drops by 10% For 2015 Full Year
Share on FacebookShare on TwitterShare on Linkedin

PZ Cussons Nigeria Plc is in murky waters.

It’s recently released first quarter results showed a huge foreign exchange losses swallowed all of its operating profit, resulting in a loss after tax. The soap-maker has battled with a scarcity of foreign-exchange, soaring inflation and weaker consumer demand.

For the quarter ended August 31 2016, the company posted a loss after tax of N1.58 billion from a profit of N546.80 million the same period last year. Sales increased by 12.40 percent to N16.75 billion as the company’s strong brand across a wide spectrum continued to support the top lines.

RelatedStories

Nigeria secures World Bank’s approval for $2.25 billion loan to boost reforms 

World Bank projects Nigeria’s current account surplus to reach 9.4% of GDP by 2026 

April 25, 2025
LASG,

Lagos state service sector leads GDP contribution in 2024, outpaces others

March 14, 2025

The loss position was due to foreign exchange loss of N4.70 billion that wiped out all of the N2.21 billion in operating profit in the period under review.

Most companies in Africa’s most populous nation have recorded huge exceptional losses as a result of the adoption of a flexible exchange rate by the central bank in June that saw the naira loss 30 percent of its value to the dollar.

The naira depreciated by 8 percent on the interbank market N320.21 as at 4:30pm while the black market rate goes for N475 .

PZ chief executives had complain that the environment is challenging saying the currency peg imposed by the apex bank would undermine growth as it was practically difficult to source dollar for the purpose of buying raw materials for purpose of production.

The economy of Nigeria has been hard hit by a 50 percent drop in the price of oil while GDP shrank to 2.1 percent in the second quarter while the IMF forecast a contraction of 1.80 percent as the country fell into a recession, the first in 20 years.

Inflation rose to 17.60 percent in July as against 17.10 percent as at July, the highest in 11 years.

Nairametrics is of the view that since exchange losses are a one off events of exceptional items, the company will rebound to growth at the bottom line.


Follow us for Breaking News and Market Intelligence.
Tags: Black MarketNigeria GDP
Op-Ed Contributor

Op-Ed Contributor

Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform. To get your articles on Nairametrics, kindly send an email to info@nairametrics.com and we will publish it within 24 hours of approval by our editorial team.

Related Posts

Nigeria secures World Bank’s approval for $2.25 billion loan to boost reforms 
Economy

World Bank projects Nigeria’s current account surplus to reach 9.4% of GDP by 2026 

April 25, 2025
LASG,
Economy

Lagos state service sector leads GDP contribution in 2024, outpaces others

March 14, 2025
Lagos plans N500 entertainment tax, eyes N20 billion annual revenue 
Economy

Lagos GDP hits $259 billion, ranks as Africa’s second-largest city economy

March 12, 2025
FG allows marketers to buy petrol directly from Dangote and other local refineries 
Economy

Nigeria targeting 7% GDP growth, beyond projected 4.6% – Finance Minister Edun 

March 11, 2025
Nigeria to earn less forex as natural gas prices fall in January 2023 - Expert
Economy

Top 10 fastest-growing sectors in the Nigerian economy in 2024 

March 6, 2025
Why the Market Is Betting on the Naira, Crypto’s Decline & GDP’s Hidden Story | Drinks & Mics
Digital Media

Why the Market Is Betting on the Naira, Crypto’s Decline & GDP’s Hidden Story | Drinks & Mics

March 1, 2025
Next Post

Deal: Hilton Confirms It Will Build A 350 Room Hotel At MMA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 
  • Africa needs gas as a transformational fuel for development – Sahara Group 
  • FG to pilot 6-month training for 3,000 artisans in 10 construction trades across 3 states  

Follow us on social media:

Recent News

President Tinubu appoints 6 Chief Medical Directors for federal hospitals on 4-year terms 

President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 

July 13, 2025
Africa needs gas as a transformational fuel for development – Sahara Group 

Africa needs gas as a transformational fuel for development – Sahara Group 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics