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.
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.
