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.