Tag Archives: Glanbia

FX headwinds dampen PZ Cusson’s profit stream

PZ Cussons Nigeria Plc said on Wednesday that net profit for the full year ending 31 May 2016 fell 53.4% to N2.1bn, down from N4.6bn in the previous year.

The company said it took an exceptional charge related to the 40% devaluation of the Naira on June 20th when the Central Bank of Nigeria moved to a flexible exchange rate system. It meant that long outstanding trade payables it had which were denominated in US dollars had to be reevaluated at a higher exchange rate causing the decline in profit.

PZ Cussons buys-out Glanbia stake in Nutricima Joint Venture

PZ Cussons Plc, makers of Nunu, Olympic and Yo brands announced that it has acquired the remaining 50 percent stake held by Glanbia in the Nutricima joint venture between both companies.

It paid £21 million in cash, giving PZ Cussons complete ownership of Nutricima. PZ Cussons has also entered into a new long-term agreement with Glanbia Ingredients Ireland for the supply of milk-based products to Nutricima.