Shareholders of PZ Cussons thursday approved the sum of N1.98 billion as dividend for the 2017 financial year, which translated to a dividend payment of 50 kobo per share. The shareholders gave the approval at the annual general meeting (AGM) held in Abuja.
PZ Cussons Nigeria Plc recorded a revenue of N79.65 billion for the year ended May 31, 2017, up by 14.5 per cent from N69.52 billion posted in 2016. Profit before tax stood at N4.811 billion in 2017, up from N3.148 billion, while profit after tax (PAT) increased by 73.1 per cent to N3.68 billion in 2017 compared to N2.12 billion the previous financial year.
Shareholders' funds rose to N42.27 billion from N40.90 billion.
Speaking at the AGM, Chairman of the company, Chief Kolawole Jamodu said despite the challenging economic conditions, the company was able to grow both top line and bottom line.
He said:"The result reflects that the underlying business is solid and reflects the strength of our operations... Your board and management will continue to monitor the business environment and will make necessary adjust to sustain the positive growth momentum into the future."
According to him, they remain excited and confident about the future of the company.
"This confidence is emboldened by the recent positive turn in the economic situation in the country which has witnessed the starting of a turnaround during the second quarter of the fiscal year.
"We are confident of our brands which are leading in the markets segment in which we participate. We are going to sustain the current initiatives that have proved to be supportive and effective. We sustained our strong cash position which makes us flexible and agile to fund operations and pursue any business opportunities that may arise."
Jamodu said the company adapted its management structures to create a truly customer care organisation, saying that 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," he said.
Meanwhile, the stock market recovered from a two-day losses yesterday as the Nigerian Stock Exchange (NSE) appreciated by 0.22 per cent to close at 36,732.24. The appreciation recorded in the share prices of Stanbic IBTC, UAC of Nigeria , Lafarge Africa, FBN Holdings, and UBA was mainly responsible for the recovery in the index.