The Chairman, PZ Cussons Nigeria Plc, Chief Kola Jamodu yesterday said the company’s balance sheet remained strong with total assets of N74.4 billion compared to N67.4billion it was last year.
The chairman who spoke during the firm’s ‘Annual Report and Accounts 2016’ in Abuja, stated that overall, the company did well to hold its share of the market.
He said: “Our balance sheet remains strong with total assets of N74.4 billion compared to N67.4billion in the previous year. The N1.7billion of export rebates that are receivable from the Nigerian government in the previous year’s report are included in our total assets.
“Despite the deteriorating operating environment, the company remained focused and managed to deliver a steady performance for the year to grow shareholders’ value.
“Consolidated revenue decreased by 4.9 per cent from N73.1billion to N69.5billion due to the adverse economic conditions referred to above. We continued with our strategic initiatives aimed at increasing shareholder value and sustaining long term growth.
“The family care business experienced a margical decrease of two per cent in revenue compared to the prior year. Improved planning and execution in supply chain and targeted investments in key brands helped to limit the negative impact of the scarcity of foreign currency and other adverse factors.”
He added that the revenue of the white goods business decreased by nine per cent as consumers shifted demand from durable consumer goods to foods and other basic necessities. Consequently and largely due to an exchange loss of N2.9billion, group profit before tax dropped by 52 per cent from N6.56billion to N3.15billion. The Nation