PZ Cussons has assured shareholders of a return on their investment as the firm announces the implementation of a strategic growth initiative aimed at improving the company’s performance as the shareholders approved the payment of N595 million as dividends for the 2018 business year, representing a dividend per share of 15 kobo.
Chairman of PZ Cussons Nigeria Plc, Chief Kola Jamodu, while addressing shareholders at the company’s Annual General Meeting (AGM) in Abuja, noted that a number of measures have been taken to guarantee a more sterling performance in the next financial year.
Jamodu acknowledged that while the competition in the Fast Moving Consumer Goods (FCMG) remains strong, PZ Cussons Nigeria’s balance sheet remains strong with total assets of N88.1 billion as the company continues to maintain a strong cash position that gives it the flexibility and agility in financing its operations.
He further noted that the consolidated turnover of the group grew by three percent to N80.6 billion in 2018 from N78.2 billion in 2017. However, operating profit and profit after tax dropped by 37.7 per cent and 47.7 percent respectively.
In a recent statement by the company, it acknowledged that the company’s entire global operations have been experiencing challenges in different markets, particularly so in Nigeria where people’s disposable income is lowered due to the upcoming general election in the country.
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The statement went further to state that the company has, however, taken steps towards remedying the situation. Performance improvement will largely be dependent on macroeconomic developments in the economy.
PZ Cussons Nigeria Plc is part of a multinational consumer goods business, PZ Cussons Plc and operates in five segments namely personal care, beauty, home care, food and nutrition, and electricals. Popular brands include Imperial Leather, Cussons Baby, Morning Fresh, Thermocool and Robb.