PZ Cussons Nigeria Plc has announced plans to pay a 15 kobo per share dividend for the year ended May 30, 2018. The dividend, which amounts to N595.57 million is lower than the 50 kobo per share (N1.985 billion) paid last year.
In a notice to the Nigerian Stock Exchange (NSE), the company’s Board of Directors made the recommendation and made known that the payment will be after the shareholders unanimously agree to it and will be on Friday, October 19, 2018, a day before the company’s Annual General Meeting (AGM).
The company’s AGM will be held at Transcorp Hilton, Abuja on Thursday, October 18, 2018.
The register of shareholders will be closed from Monday, September 24, 2018, to Friday, September 28, 2018. Qualification date is Friday, September 21, 2018.
The company had released its financial reports for the period ended May 31, 2018.
In its unaudited results, PZ Cussons reported a revenue of N80.55 billion, up by 3.0 percent from N78.216 billion recorded in 2017. However, profit before tax fell 52 percent to N2.313 billion from N4.811 billion. Profit after tax also dipped to N1.92 billion in 2018, a decline of 4percent compared to N3.68 billion of 2017.
Chairman of PZ Cussons Nigeria Plc, Kola Jamodu had revealed why the company recorded a weaker revenue growth. According to him, the revenue recorded was as a result of the increased operating expenses.
Jamodu stressed that there have been no structural changes in the landscape of the segments in which the company operate.
The Chairman maintained that for the company to sustain its position in the market and improve efficiency and performance of the business, it’s considering some initiatives.
The initiatives, according to Jamodu, include further streaming and optimisation of product portfolio in order to bring more focus on key brands and categories and restore margins.
The company is considering the optimisation of its operating model to reduce overheads as well as improve the speed at which new products are brought to the market and a review of product costs across all categories with a focus on areas such as packaging reduction and a drive to reduce plastic consumption.
PZ Cussons Nigeria Plc is part of a multinational consumer goods business, PZ Cussons Plc.
The company manufactures and at the same time distributes brands like Imperial Leather, Cussons Baby, Morning Fresh, Thermocool and Robb.
PZ Cussons Nigeria Plc operates in five core categories – personal care, beauty, home care, food and nutrition, and electricals.
PZ Cussons Nigeria’s parent company has over 5000 employees across Africa, Europe, Asia, and North America.
