By Nkiruka Nnorom
PZ Cusson Nigeria Plc has announced N3.69 billion profit after tax for its financial year ended May 31, 2017, representing 73.2 per cent increase over N2.13 billion posted in 2016.
Highlights of the company’s audited financial report released Friday on the Nigerian Stock Exchange, NSE, showed that its pre-tax profit grew by 52.7 per cent to N4.81 billion from N3.15 previous in the previous year. The turnover at N79.63 billion was 4.5 per cent increase compared to N69.53 billion recorded in the previous year in 2016.
Following the performance, the Board of Directors has declared N1.99 billion dividend, translating to 50kobo per share to its shareholders.
Commenting on the result, the chairman, Chief Kolawole Jamodu, said the company has continued to invest in projects to improve efficiencies in the supply chain.
Accordingly, he said that the company had during the course of the year opened a N3 billion modern and expanded distribution center in Abuja and also invested in new production facilities for energy saving home electrical appliances to the tune of N1 billion.
He stated that the benefits of the various investment made by the company during the year is expected to manifest in the coming years.
He assured that the company would sustain the current initiatives, saying that they have proved to be positive and effective.
He said: “We re-examined focused on our strategic initiatives aimed at driving shareholders value and sustaining long term growth. We continue to consolidate our routes to market to create synergies and optimise on existing infrastructure and facilities.
“In order to continue occupying top of the mind of customers, we have increased focus on our core brands through various initiatives. We have continued to review and streamline our product portfolio to keep ourselves lean and make ourselves more adaptable to changes in the environment.”
“We will review our product portfolio in order to keep the right focus and flexibility that is required in an increasingly challenging marketplace. We will sustain the investment in our supply chain and consolidate our depot network to optimise our operational efficiencies. These will put us in good footing to sustain the current growth momentum going forward,” Jamodu added.