Price increases help lift PZ Cussons Nigeria’s year-end results

PZ Cussons Nigeria Plc, manufacturers of a wide range of consumer goods including Nutricima brands such as Yo, Coast, Nunu and Olympic yoghurt and milk brands reported a 15% rise in revenue for the full-year ending 31 May 2017. Sales reached N79.6bn from N69.5bn in 2016.

Profit for the year rose 73.1% to N3.7bn, helped by price increases implemented through the year to mitigate the effects of inflation caused by Naira devaluation and poor liquidity.

The Naira lost 50% of its value in the interbank market as well as further weakening in the secondary market which caused transactional impact through higher costs in the period under review.

The company notes that all of its business lines performed relatively well under difficult trading environment with market shares either held or grown, although volumes in all categories declined as a result of changes to relative pricing.

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