By Johnbosco Agbakwuru

PZ Cussons Nigeria Plc has recorded N5.2 billion being profit after tax for the year ended 31st May 2011 despite the global economic challenges. Chairman of Board of Directors of the Company, Prof. Emmanuel Edozien who disclosed this at the 63rd Annual General Meeting, AGM, of the company in Calabar, Cross River State, said that the turnover of the company increased by 5 per cent from N62.7 billion last year to N65.9 billion in the year ended 2011.

Prof. Edozien explained that the N8.0 billion pre-tax profit for the 2011 financial year remained flat compared to that of last year because the competitive business landscape did not allow the company to fully reflect the raw material increases as the focus of the company was on maintaining and growing market share. He said “net profit after tax and minority interests contracted marginally from N5.3 billion to N5.2 billion”, adding that despite the challenges, the company performed well during the period.

Prof. Edozien announced that the board of the company has recommended that the sum of N2. 732 billion dividends, 86 kobo per share be paid to shareholders as dividends and that the dividend will be paid subject to withholding tax at the appropriate rate.

Besides, the company’s board chairman said in addition to the dividend, a bonus issue of one new share for every four existing shares held as at August 19, 2011 was also recommended.

He said that the company’s products were well patronised by consumers and that its brands had continued to maintain leadership position in the various market categories, noting that the company’s brands are present in almost every Nigerian household.

According to him, some of the products of the company that have received acceptance from the consumers include the exciting new range of split air-conditioners, fridges and washing machines, adding that, “HPZ remains very strong in the refrigerator segment with both the jumbo and casarte fridges being launched during the year”.

On Corporate Social Responsibility, CSR, he said that the company embarked on and completed a lot of projects like construction of a block of classrooms and borehole in support of Shehu Malami Primary School, Sokoto, a block of classrooms and borehole in support of Ogbaru Community in Onitsha, Anambra state and another block of classrooms in support of the Edirin Sokoh Skill Acquisition Centre, Ugheli, Delta state.

Prof. Edozien further disclosed that apart from other projects scattered in different parts of the country, the company also attached great importance on the welfare of its staff, pointing out that a lot of staff were trained to equip them to face the various challenges before them.

Shareholders of the company commended the management and board of directors for their managerial skills and urged them not to rest on their oars in view of the stiff competition in the market.