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Home Business News

PZ Cussons Plc reports Profit growth of 455% in 9 months ended February 2022

Its revenue performance for the 9-month period was affected by high costs of sales

Chidinma Anyalewechi by Chidinma Anyalewechi
March 28, 2022
in Business News, Company Results
Alexander Goma resigns from PZ Cussons as Executive Director , PZ Cussons announces the retirement of CEO, appoints new one, PZ defies COVID-19 as revenue increased by 18.3% between June and August 2020
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PZ Cussons Plc has released its 9-month financial result that ended February 2022, revealing a profit of N5.64 billion, representing a 455% increase from the prior-year period, as revenue grew by 24.27%.

The period in review witnessed a wave of increase in prices of goods and services, as inflationary pressures affected both consumers and producers. Similarly, producers were faced with a significant increase in the cost of raw materials and general production costs.

Although the company recorded growth in sales on the back of double-digit food inflation, bottom-line profit was greatly subdued by production costs which increased by a whopping 31% during the period under review.

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Here is a summary of its results so far;

  • A cursory view of the result shows that the company’s revenue in the Q3 period appreciated by 21.46% from N22.60 billion to N27.45 billion in the current period.
  • Profit growth for the third quarter period, was at 113.60% Q-o-Q, generating a total of N3.07 billion. While pre-tax profit stood at N3.31 billion, representing 92.89% growth quarter on quarter.
  • In addition, the company also made money from the disposal and impairment of fixed assets as well as scrap sales and rental income, which served as a booster for the bottom-line profit, raking in a total of N5.69 billion during the financial period.
  • PZ Cussons Plc’s revenue performance for the 9 months was affected by high costs of sales as well as selling, distribution and administrative expenses, which also affected profit as a trickled down effect.
  • A further look at the financial results showed PZ Cussons’ total assets are now at N101.44 billion, net assets grew by 13.45% to N39.20 billion.

PZ Cussons Plc’s earnings per share (EPS) for the period was at N1.42, a 446.15% increase from N0.26 in Q3 2021.

The company last traded at N9.30 per share and has grown by 52.46% from year to date.

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