PZ Cussons Nigeria suffered a 10.07 per cent drop in its profit after tax for the financial year ended May 31, 2015, the company’s results for the period showed.
The results, which the company filed with the Nigerian Stock Exchange, showed that its PAT fell from N5.083bn in the year ended May 31, 2014 to N4.571bn.
PZ also witnessed a drop in its profit before tax with the PBT declining by 5.66 per cent year-on-year, from N6.949bn in the previous year to N6.557bn in the review year.
The company, however, saw a marginal rise 0f 0.3 per cent in revenue. Revenue rose from N72.906bn to N73.126bn.
In the year under review, PZ was able to cut its cost of sales by 1.93 per cent from N53.711bn to N52.672bn, but distribution, administrative and other expenses rose by 7.06 per cent from N12.893bn toN12.803bn.
The company’s basic earnings per share as well as fully diluted earnings per share declined by 11.72 per cent from N1.16 to N1.02.
Despite the drop in profit the company’s Board of Directors proposed the payment of 61 kobo as dividend for the year.
According to the company, the closure date for the dividend payment is September 14 to 18, while the payment date is September 30, a day after the company’s Annual General Meeting where the proposal is to be presented to the shareholders for approval.
In the financial year ended May 31, 2014, the company had reported a two per cent year-on-year growth in revenue. Its profit before tax was down by nine per cent year-on-year, while its profit after tax fell by four per cent year-on-year.
At PZ’s 66th AGM in October 2014, the Chairman of the company at the time, Prof. Emmanuel Edozien, said the company’s focus was to drive shareholder value through improving the efficiencies in its supply chain, managing operational efficiencies in its supply chain, managing operational efficiencies and investing in brands that delight its consumers.
Chief Kola Jamodu is the current chairman of the company. He was appointed chairman in November 2014.
The Board had recommended to the shareholders for approval at the AGM, a final dividend payout of N2.4bn representing a payment of 61 kobo per share for the financial year.
It had earlier paid an interim dividend of 20 kobo per share in February, which meant an annual increase in dividend payout of 45 per cent for the year ended May 31, 2014 when compared to the previous year dividend when a dividend of 56 kobo per share was paid.
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