PZ Cussons Nigeria returns to profitability as revenue rises

PZ Cussons Nigeria Plc has reported a profit before tax of N2.64 billion for the financial year ended May 31, 2021, compared with a loss before tax of N7.98 billion in 2020.

The company posted a profit after tax of N1.83 billion in 2021, compared with a loss after tax of N7.24 billion in the previous year.

Its revenue increased to N82.38 billion from N66.99bn in 2020, according to its unaudited financial statements obtained by Markets Reporters from the Nigerian Exchange Limited.

The company disclosed that it sold a portion (about 67,733.235 square metres) of its factory premises situated within plot 20A Ikorodu Industrial Scheme, Ikorodu, Lagos to Friesland Campina Wamco Nigeria Plc.

It said it received the sum of N2.12 billion as consideration for the sales, resulting in profit on disposal of N1.89 billion subject to a capital gains tax of N199.8 million.

The sale was approved at an extraordinary general meeting on Sept. 24, 2020, according to the financial statements.