PZ Nigeria reports 53% profit decline in FY 2016
By Kayode Ogunwale

 
PZ Cussons Nigeria Plc has reported a massive drop of N2.441 billion in its profit after tax for 2016 financial year.

The company’s in its annual report and financial statements for the year ended 31 May, 2016 released to the Nigerian Stock Exchange in Lagos reported 53.41 per cent decline in profit after tax from N4.570 billion of 2015 to N2.129 billion at the end of 2016 full year.

The profit before tax also went down from N6.556 billion to N3.148 billion at the end of current year end. This represents N3.408 billion or 51.98 per cent drop when compared with correspondence year of 2015.

It’s revenue sinked by N3.599 billion, from N73.126 billion it made in 2015 to end 2016 full year at N69.527 billion.

The company’s spent N52.209 billion on cost of sales during the review period of 2016, dropped from N52.672 billion of 2015.

It’s operating profit decline massively by 51.15 per cent from N6.651 billion to N3.249 billion, amounted to N3.408 billion drooped.

PZ Cussons earnings per share stood at 0.47 kobo at the end of 2016 financial year from 1.02 kobo recorded in 2015, which is 53.92 per cent decline.

It’s grew total assets from N67.387 billion to N74.430 billion at the end of current year, while its total liabilities rose from N23.715 billion to N31.027 billion at the end of 2016 financial year.