Household goods manufacturers, PZ Cusson Plc yesterday declared a net profit of N5, 321, 187, 000 for the year ended May 2013.
The result represents 100 percent increase of its profit of N2.5 billion recorded in the previous year. For its 2013 financial year, PZ Cussons Plc posted some N5, 321, 187, 000 net profit, indicating 100 percent increase over the N2, 538, 846 that it reported for 2012.
But the company's turnover dipped marginally by one percent from N72.2 billion in 2012 to N71. 3 billion in 2013.
The company also declared a dividend of 56 kobo per share. A total sum of N2.223 billion was earmarked to pay the dividend.
PZ Cussons chairman, Emmanuel Edozien said at the Company's 65th Annual General Meeting (AGM) yesterday that challenges in the Nigeria's business environment, especially as a result insecurity challenges in the Northern part of country, a reduction in the spending power of consumers following the partial removal of subsidy exerted pressure on the company's top line throughout the year.
He said also that even though there was growth in the white goods portion of the business despite significant international competition, tough competition in the fast moving consumer goods sector remained in the Company's core personal care and home care segments.
Managing Director of the company Mr. Christos Giiannopoulos said although all products of the company are manufactured locally but the raw materials were largely unavailable in Nigeria.
He said "all our products are manufactured or assembled locally, unfortunately, we depend on raw materials which do not exist in Nigeria and we have to import those but we are working very hard to try and promote whether it is in Agriculture, or petrochemicals for us to be able to get raw materials locally.