Tag Archives: Olympic

Olympic milk renews music crooner Peter Okoye’s Ambassadorial Contract

Olympic milk brand has announced the extension of music crooner Peter Okoye’s Ambassadorial contract for the fourth year.

This was disclosed recently at the official signing ceremony at PZ Cussons head office in Ilupeju, Lagos

Speaking on the contract renewal, PZ Cussons Managing Director, Commercial, Mr Alex Goma, stated that the contract signing “signifies the continuation of Peter’s activities as Olympic brand ambassador, a position which will among other things see him champion the cause for a healthy and active lifestyle and also represent the brand at different levels.”

FX headwinds dampen PZ Cusson’s profit stream

PZ Cussons Nigeria Plc

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.