PZ Cussons Nigeria approves N2.422 billion dividend for shareholders

PZ Cusons Nigeria Plc., at its 67th annual general meeting in Calabar, Cross River State, has approved final dividend of N2.422 billion or 61 kobo per share to its shareholders. This is in addition to N794 million interim dividend or 20 kobo/share approved earlier in the year, which brought total dividend payout of N3.214 billion for the financial year ended 31 May 2015.

Chairman of the fast moving consumer goods company (FMCG), Kola Jamodu said, in spite of adverse economic conditions, including increasing competition from competitors, the company’s turnover grew to N73.1 billion from N72.9 billion in 2015; although the company’s profit before taxation (PBT) dropped to 5.7 percent compared to the previous year. This, the chairman said, “is mainly because of the impact of significant exchange loses that were incurred due to the valuation of the naira during the year under review.”

Jamodu said, in spite of the tough operating environment, PZ Cussons performed satisfactorily, compared to its competitors; highlighting the growth delivered in baby care and medicament categories of the business.

The PZ Cussons chairman informed the shareholders that business is optimistic for the future, given a stable political environment; assuring that optimization of supply chain process of the company would continue to improve in operational efficiencies; and the company would continue to invest in its core brands and growth categories.

“We would continue to pursue our initiative of consumer lead organization, leading to consumer relevant innovations and offerings with vigour,” he said, while also assuring continued investment in leadership training program to develop capacities.

On corporate social responsibility (CSR), the company said it would continue to support local communities through the PZ Cussons Foundation.

Among the changes made to the board of the FMCG Company during the year, was the appointment of Jamodu as the new chairman of the board of directors, with the retirement of Emmanuel Edozien, a professor, who served as board chairman for 11 years.