PZ Shareholders approve 50kobo dividend per share

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Shareholders of PZ Cussons have approved a dividend payment of 50 kobo per share at its Annual General Meeting (AGM) held in Abuja for the financial year ended May 31, 2017.

The 50 kobo dividend to be paid per share translated to a total of N1.98 billion during the period under review. Analysis of the company’s Annual Report and Accounts showed that PZ Cussons Nigeria Plc recorded a revenue of N79.65 billion for the financial year ended May 31, 2017, an increase of 14.5 per cent from N69.52 billion posted in 2016.

Also during the year under review, Profit Before Tax (PBT) closed at N4.811 billion , rising from N3.48 billion, while Profit After Tax (PAT) increased by 73.1 per cent to close the year at N3.68 billion in 2017 in contrast to N2.12 billion in the previous year. Shareholders’ funds recorded a growth to N42.27 billion from N40.90 billion in the previous financial year.

In his statement, Chairman of the company, Chief KolawoleJamodu said despite the challenging economic environment, the company was able to grow both top line and bottom line. He said: “The result reflects that the underlying business is solid and reflects the strength of our operations. Your board and management will continue to monitor the business environment and will make necessary adjust to sustain the positive growth momentum into the future.”

According to him, he is certain excited and confident about the future of the company.”This confidence is emboldened by the recent positive turn in the economic situation in the country which has witnessed the starting of a turnaround during the second quarter of the fiscal year..We are confident of our brands which are leading in the markets segment in which we participate. We are going to sustain the current initiatives that have proved to be supportive and effective. We sustained our strong cash position which makes us flexible and agile to fund operations and pursue any business opportunities that may arise.”

Jamodu said the company adapted its management structures to create a truly customer care organisation, saying that as part of a global organisation, it has benefitted from global innovations and initiatives of the group. He said, “the supply chain processes and sales functions have been integrated as a single structure across the globe and across the region,”