Tag Archives: PZ Cussons Plc

PZ Cussons Nigeria suffers first quarter loss

PZ Cussons Nigeria Plc, makers of a wide range of consumer products including electricals, personal and homecare products, dairy brands, among others reported a loss of N123m in the first quarter of its 2018 financial year ending on 31 August 2017.

The company blamed its poor performance on higher cost of sales, driven by foreign exchange loss of N1.8bn. Cost of sales rose 17.6% to N12.9bn, while administrative expenses skyrocketed 42% to N1.87bn.

PZ Cussons Nigeria half-year loss narrows amid currency headwinds

PZ Cussons Nigeria Plc, makers of a wide range consumer goods, including Nutritionals such as Nuhu and Olympic milk brands on Thursday reported a net loss of N289m in its half-year results (June – Nov 2016). In the same period a year ago, the company recorded N780m in profit.

The company blamed the loss on unrealized foreign exchange loss of N4.9bn mostly incurred in the first quarter (June – Aug 2016) when the Central Bank of Nigeria allowed the naira to float leading to a significant loss of the currency’s value by as much as 40%.

Naira devaluation pushes PZ Cussons Nigeria to first Quarter loss

PZ Cussons Nigeria Plc, makers of a wide range of consumer products including Nuhu and Olympic milk brands, on Tuesday reported a net loss of N1.6bn in its first quarter results for periods June – August 31, 2016.

The company attributes the loss to a foreign exchange loss of N4.7bn it incurred following naira devaluation in June which erased the group’s N2.2bn operating profit.

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.