PZ Cussons reports 210% PBT growth in half-year 2022 thanks to property sale

PZ Cussons Plc released its half-year 2022 results on Friday, December 16, 2022, reporting a pre-tax profit of N9.28 billion.

This represents a 210% increase from the N2.99 billion the company reported during the same period in 2021.

The key highlights of the company’s financial performance are highlighted below.

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Revenue

2022 H1: N57.26 billion
2021 H1: N47.08 billion
Change: +22%

Gross Profit

2022 H1: N13.56 billion
2021 H1: N11.39 billion
Change: +19%

Other income

2022 H1: N92.578 million
2021 H1 N121.450 million
Change: -23.77%

Pre-tax profit

2022 H1: N9.28 billion
2021 H1: N2.99 billion
Change: +210%

Net Profit after tax

2022 H1: N7.66 billion
2021 H1: N2.57 million
Change: +198%

Cash in hand

2022 H1: N65.51 billion
2021 Q3: N52.84 billion
Change: +23.97%

Bottom line: The growth in pre-tax profits was due to the sale of non-core residential property at Ikoyi, Lagos state. According to the financial statement, the company received N6.53 billion as net consideration from the asset sale, resulting in a profit of N5.94 billion.