Shareholders of PZ Cussons Nigeria Plc yesterday approved a N1.99 billion dividend for the 2016 financial year. This translated to 50 kobo per share. The company total assets increased to N74.4 billion compared to N67.4 billion the previous year. Speaking in Abuja at its annual general meeting (AGM), Chairman of the company, Chief Kolawole Jamodu said despite the deteriorating operating environment, the company had remained focused and managed to deliver a steady performance for the period to grow shareholder value.
According to him, notwithstanding, the present exchange rate crisis among other unfavourable variables limited the optimal performance of the company. Jamodu disclosed the company recorded an exchange loss of N2.9 billion, cutting its group profit after tax (PBT) by 52 per cent to N3.15 billion from N6.56 billion in 2015 while its consolidated revenue decreased by 4.9 percent to N69.5 billion from N73.1 billion.
However, the chairman said: Improved planning and execution in supply chain and targeted investments in key brands helped to limit the negative impact of the scarcity of foreign currency and other adverse effects.
He said in the overall assessment, the company did well to hold its position in the market, reducing the negative impact of the prevailing adverse conditions and performing satisfactorily against peers in the sector. He said there are future prospects for the company given that the presently economic predicament is transient.
According Jamodu: We regard current economic challenges as transitory and we remain excited about the future of the company. Our confidence has been emboldened by positive policy changes being adopted by the government such as the new foreign exchange regime that has been introduced by the Central Bank of Nigeria. Our brands remain strong and popular with consumers which leaves us well placed to hold our market and exploit any emerging opportunities.
Meanwhile, shareholders unanimously commended the board for the performance and declaration of dividend amid the current economic uncertainties. They however, urged the company to surpass the current record in subsequent financial years.