The board of directors of PZ Cussons Nigeria has recommended the payment of 50 kobo dividend for the full year ended May 31, 2017.
The fast moving consumer goods conglomerate recorded a profit after tax of N3.686 billion for the year ended May 31, 2017, showing an increase of 73 per cent over the N2.129 billion posted in 2016. The audited result released by the company to the Nigerian Stock Exchange (NSE) indicated that the company posted a revenue of N79.65 billion, up by 14.5 per cent from N69.52 billion posted in 2016.
In line with the high inflationary trend during the review period, cost of sales went up from N49 billion to N51 billion, while sales and distribution expenses rose from N8.825 billion to N9.09 billion.
However, net finance cost fell from N387 million to N195 million. Consequently, profit before tax stood at N4.811 billion in 2017, up from N3.148 billion, while profit after tax grew to N3.886 billion, from N2.129 billion in 2016.
The firm stated that its revenue grew in the period under review, increasing to N79.63 billion from N69.53 billion 12 months ago.
It was disclosed that the final dividend pay-out amounts to N1.99 billion and if approved, would be paid to shareholders on Friday, October 13, 2017, after deducting the appropriate withholding tax, and fixed its 69th Annual General Meeting (AGM) on Thursday, October 12, 2017 at the BON Hotel Stratton Asokoro (formerly Protea Hotel), Abuja at 10am.
During the meeting, the company will present to shareholders report of the Directors, the Financial Statements for the year ended 31 May 2017 and the Reports of the Auditors and the Audit Committee thereon.
Also, the meeting will seek to appoint a new independent auditor to replace the retiring Messrs PricewaterhouseCoopers and propose the appointment of another independent auditor, Akintola Williams Deloitte.
In addition, the firm will seek to authorize the procurement of goods and services necessary for its operations from related companies in compliance with the NSE Rules Governing Transactions with Related Parties or Interested Persons.
According to the company, it has adapted its management structures to create a truly customer care organisation, saying as part of a global organisation, it has benefitted from global innovations and initiatives of the group.
“In this breadth, our supply chain processes and sales functions have been integrated as a single structure across the globe and across the region,” it said.
PZ Cussons Nigeria noted that it is confident of its brands which are leading in the market segments they participate.
“We are going to sustain the current initiatives that have proved to be positive and effective. We will also keep the focus on key brands,” it said.
Meanwhile, trading at the stock market was bullish for the first time in five days following the return of the bulls yesterday.
The NSE All-Share Index appreciated by 0.58 per cent to close at 35,609.07, compared with the depreciation of 0.28 per cent recorded the previous day. Similarly, the market capitalisation appreciated today by 0.58 per cent to close at N12.27trillion.
The appreciation recorded in the share prices of Dangote Cement, Stanbic IBTC, Zenith Bank, Guinness, and Nigerian Breweries was mainly responsible for the gain recorded in the Index
Investors traded 281.83 million shares worth N4.77 billion in 4,066 deals. The three most actively traded sectors were: Financial Services (249.05 million shares), Consumer Goods (17.41 million shares), and Conglomerates (5.85 million shares).