Despite economic challenges in Nigeria, Chairman, PZ Cussons Nigeria Plc, Kolawole Jamodu said the organisation remains hopeful about its contribution to the Nigeria economy.
Speaking at the yearly general meeting of the company in Abuja where the organisation’s stakeholders shareholders approved the sum of N1.98 billion as dividend for the 2017 financial year, Jamodu expressed satisfaction with the performance of the firm, noting that the company has been able to grow both top line and bottom line despite the challenging economic conditions in the country.
Jamodu said: “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.”
Speaking on the dividend, 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.”
The dividends, which translates to a dividend payment of 50 kobo per share, was feasible as the company recorded revenue of N79.65 billion for the year ended May 31, 2017. The revenue was up by 14.5 per cent from N69.52 billion posted in 2016.
While Shareholders’ funds rose to N42.27 billion from N40.90 billion, the company’s profit before tax stood at N4.811 billion in 2017, up from N3.148 billion. It 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.
Chief Executive Officer, PZ Cussons Nigeria Plc, Christos Giannopoulos said the company has been able to maintain lead in market because it remained prudent and continue to make decisive decisions.
“We don’t make big claims or harsh movement. We always ensure that our policy and our movement into the market are steady and we continue to look for opportunities.“By diversifying we have made an announcement and we are changing our electrical products into energy saving products. We are now saving over 30 per cent of electricity,” Giannopoulos said.