PZ pays N595m dividend to shareholders

Date:

Shareholders of PZ Cussons Nigeria PLC have approved dividend pay-out of 15kobo per share amounting to a total of N595 million for the 2018 financial year.

Thank you for reading this post, don't forget to subscribe!

The unanimous approval followed the recommendation of the company’s board at its 70th Annual General Meeting in Abuja, yesterday.

Addressing the shareholders, the chairman of the company, Chief Kola Jamodu, said PZ’s consolidated revenue grew by 3% to N80.6 billion up from N78.2bn during the period.

This was in spite of the drop in operating profit and profit after tax by 37.7% and 47.7% respectively relative to the previous financial year, Chief Jamodu said.

He further explained to the shareholders that the performance was largely reflective of that of the economy with a GDP growth of 2%, adding that improvement in forex earning, stability and access however helped in importation critical of raw materials.

He also said that cost of borrowing had an effect “on our performance with borrowing hovering around 20% thus increasing cost of goods. This, coupled with ill liquidity, dampened growth in sales.’’

He assured that a number of measures have been taken to guarantee a more sterling performance in the next financial year.

While the competition in the Fast Moving Consumer Goods (FCMG) remains strong, he assured shareholders that the company’s balance sheet which is N88.1 billion would continue to maintain its strong position.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

Soldiers Massacre: “Defense Headquarters Reveals Identities of Fallen heroes in Okuoma Community Attack”

The Defense Headquarters has revealed the identities of the...

US warned Niger about ties to Russia, Iran before junta revoked accord, Pentagon says

WASHINGTON, March 18 (Reuters) - U.S. officials traveled to...

“Potential Trump Presidency: Concerns Rise Over US-Africa Relations”

If Donald Trump secures victory in November's US presidential...

“Sanwo-Olu, Anyaoku, Adebanjo, and Others Call for New Nigerian Constitution”

SANWO-OLU, ANYAOKU, ADEBANJO, OTHERS DEMAND NEW NIGERIAN CONSTITUTION ...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading