• Wednesday, May 29, 2024
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PZ declares N2.42bn dividends for shareholders


The board of directors of PZ on Thursday approved the disbursement of N2,421,990,997.45 dividends for shareholders for the year ending May 31, 2014.

Emmanuel Edozien, chairman of the board who declared this at the 66th annual general meeting (AGM) held in Abuja, expressed delight over the successes recorded during the year under review despite numerous challenges facing the country.

After the presentation of the financial report, the shareholders overwhelmingly supported “a final dividend payout of N2.4 billion representing 61 kobo per share”, aside the interim dividend of 20 kobo per share that was paid in February which represents increase in dividend payout of 45 percent compared to the previous year dividend of 56 kobo per share.

According to him, with increased investment in brands and route to market expansion, the company’s profit before tax (PBT) grew by eight percent from N7.7 billion to N8.2 billion before exceptional items which amounted to N1.3 billion reflecting write-off of assets under impairment.

He disclosed that the relentless efforts of the board and management of the company towards improving efficiencies, in the company’s supply chain, managing operational efficiencies and investing in brands that are delight of the company’s numerous customers, resulted into “a modest growth of two percent rising from N71 billion to N72.9 billion.”

In line with the strategic plans and policy direction for the forthcoming year, Edozien expressed optimism that the agreed targets will be met, stressing that “the company has continued to invest in strengthening the supply chain and improving the operational efficiency and consumer experience and at the same time, minimising the cost base.”