PZ CUSSONS posts N4.8 billionprofit after tax 2017
Kola Jamofu, chairman, PZ, who presented the 2017 annual report and account at its 69th annual general meeting held at the Transcorp Hilton Abuja on Thursday last week, attributed the growth to improved revenue and better control of operating expenses. The company also approved the sum of N1.98b as dividends.
The 2017 end of year financial reports saw profit before taxation grew by 53% compared to the previous years.
The company grew consolidated revenue by 15% from N69.5 billion in 2016 to N79.6 billion in 2017, while earning per share grew by 79%
The shareholders commended the management for growing its balance sheet from N74.4 billion in 2016 to N90.1 billion in 2017,
The Chairman noted that the company was able to adapt and adjust despite the challenging operating environment.
He explained that the company had foreign exchange loss of N8.8 billion in 2017 as against N2.8 billion in 2016 financial year, following the significant depreciation of the Naira.
Earlier, the CEO, Christos Giannopoulos, while highlighting some of the strategic initiatives to achieve the results, attributed them to consolidation of routes, to markets, optimizing existing infrastructure and investment in new projects that improved efficiency.
According to him, ” We invested N3 billion in building a modern distribution center in Abuja and another N1 billion in energy -saving, environment- friendly new production facilities for electrical home-appliances amongst others”
The company also executed a number of social investment projects during the period, including the donation of a fully furnished block of three classrooms to Osokkwa and Iwoye- Ijesha community.
The company also upgraded the chemical laboratory at the ModiboAdama University of Technology, Yola, the University of Calabar and the National Research Institute for Chemical Technology, Zaria.