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.

The diversified company which operates under four product segments – Electricals, Personal Care, Home Care, Foods and beverages said that all segments performed well despite being faced with macro-economic headwinds and significant squeeze on consumer disposable income.

PZ Cussons said that revenue and operating profit in the Nutricima milk business were ahead of the previous year driven by the success of its two key brands, Nuhu and Olympic. In addition, the group benefited from the full consolidation of Nutricima following the buy-out of Glanbia, its joint-venture partner on 31 March 2015. According to PZ Cussons UK, the British parent company of the Nigerian unit, the consolidation of the Nutricima joint-venture added £53 million to the Nigerian unit’s revenue and £2.6m in operating profit.

Despite the sales lift from Nutricima, full year revenue for the group fell 4.9% to N70bn, down from N73bn in the previous financial year.