Major British manufacturer of personal healthcare products and consumer goods, PZ Cussons said its full year 2018 profits will be weighed down by “significant port disruption” in Nigeria.
PZ Cussons warned on Tuesday its profits will drop almost 13 per cent in its current financial year, with consumers “under pressure” across its markets, especially Africa.
“We expect the consumer to remain under pressure in all of the markets in which we operate,” the group said.
The company raised concern about disruptions of activities in Nigeria port and purchasing power, where “consumer disposable income has remained weak ahead of the general election which is scheduled for February 2019.”
“There are ongoing cost challenges due to significant disruption being faced in clearing goods at the port and a further 10 per cent weakening of the naira against the US dollar in the period,” it added.
PZ Cussons Nigeria Plc is into the sales, manufacture and distribution of consumer goods and home appliances. Popular brands include Morning Fresh washing liquid, Mamador cooking oil, Joy soap, and Olympic milk.
The company went public and was listed on the Nigerian Stock Exchange in 1972. It adopted the name, Paterson Zochonis Industries on 24th November 1976 and became a public limited liability company on 22nd September 1990.
DIPO OLADEHINDE
