PZ Cussons Nigeria loss N15bn in H1

PZ Cussons Nigeria Plc has reported a significant reduction in its losses for the half-year ended November 30, 2024, signaling some recovery efforts despite persistent financial difficulties.

The company recorded an exchange loss of N15.15 billion, a notable improvement from the staggering N87.08 billion reported in the same period last year. Additionally, the net loss for the period stood at N7 billion, a remarkable 91% reduction compared to the N74.14 billion loss recorded in 2023.

Revenue surged by 42 per cent, reaching N96.46 billion compared to N68.09 billion in the corresponding period of the previous year. This growth underscores the company’s resilience in generating income despite macroeconomic challenges.

Operating losses also narrowed significantly to N4.29 billion, a 94 per cent improvement from the N77.02 billion recorded previously. Similarly, the loss before tax fell by 93 per cent to N5.52 billion, compared to N73.80 billion last year.

However, the company continues to grapple with challenges, including a 336 per cent rise in tax expenses to N1.48 billion, up from N340.43 million. Its total equity remains in the red at negative N34.51 billion, a 25 per cent decline from negative N27.51 billion in 2023. The company also reported a decline in the non-controlling interest, which stood at N356.32 million, a 95 per cent reduction compared to N7.02 billion recorded in the previous year.

The company’s basic and diluted earnings per share improved from a loss of N18.67 per share in 2023 to N1.76 per share in 2024, indicating significant progress in curbing losses.

Despite these improvements, PZ Cussons’ financial position remains precarious, prompting its parent company to explore the sale of its African subsidiaries. The multinational consumer goods giant, facing a 70 per cent devaluation of the naira, has expressed intentions to partially or fully divest its African operations to reduce exposure to currency fluctuations.

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