Fast moving consumer goods giant, PZ Cussons has recorded a whopping N76 billion losses in 2024, attributed mainly to foreign exchange loss which was recorded by the company in the financial year that just ended. According to the audited financial statements of the company for the period ended May 31, 2024, the firm slide from a profit after tax of N14.35 billion as of May 2023 to record a N76.02 billion loss after tax in 2024, adding to the growing list of companies in Nigeria severely affected by the naira float policy of the Federal Government.
PZ recorded N152.25 billion as revenue during the financial year that ended on 31st May 2024, as against N113.96 billion as of May 2023. Cost of sales of N98.12 billion was recorded in the financial year that just ended compared to N81.02 billion in 2023.
PZ ended with a gross profit of N54.13 billion as of May 2024 in contrast to N32.95 billion realised in the corresponding period of 2023.
When the firm’s administrative expenses of N10.68 billion, and the selling and distribution expenses of N13.22 billion are added to its foreign exchange loss of N157.92 billion, PZ ended the just ended financial year with an operating loss of N127.43 billion. This compares to N8.22 billion operating profit realised in the same period of 2023.
The total loss was moderated by a debt waiver of N14.29 billion, and an interest income of N6.11 billion as well as an income tax credit of N32.17 billion, before ending the financial year that ended on 31st May 2024 with a loss after tax of N76.03 billion.
Meanwhile, the company has announced the resignation of one of its directors, Kevin Massie, from the board of the company.
“Mr. Massie, the representative of the majority shareholder on the Board, resigned with effect from Wednesday, 28 August 2024 due to his imminent resignation from the Group on 13 September 2024. The Board thanks him for his tremendous contribution during his stay on the Board and wishes him success in his future endeavours,” PZ said.
