PZ Cussons Nigeria Plc has released its financial results for the business year ended Friday, May 31, 2019.
During the period under review, the company recorded N74.3 billion revenue as against the N80.5 billion recorded in 2018. This represents a 7.7% decline.
Profit before tax stood at N1.9 billion for the year as against N2.3 billion recorded last year. This represents a 16% decline.
Profit for the year stood at N1.2 billion in 2019 as against N1.9 billion recorded last year. This represents a 40% decrease.
Earnings per share stood at 0.25 in 2019 as against 0.46 in 2018, which represents a 45.7% decrease.
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Prior to the release of the financial results, the global consumer goods manufacturer, blamed its huge decline in profit on sluggish demand and challenging conditions in its important Nigerian market.
Going by the company’s statement, Nairametrics understands that the loss the company experienced was caused by the underwhelming performance of its Nigerian subsidiary, PZ Cussons Nigeria Plc.
About the company: PZ Cussons Nigeria Plc manufactures and markets a wide range of popular products such as ROBB balm, Imperial Leather, and Morning Fresh, thereby making it an important part of the global company’s operations.