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PZ Cussons proposes N595.5m dividend payout despite disappointing full year scorecards

PZ Cussons Foundation

The Board of Directors of PZ Cussons Nigeria Plc on Friday August 30, 2019 presented to the Nigerian Stock Exchange (NSE), the company’s annual report and consolidated financial statements for the year ended May 31, 2019.

The company proposes to pay its shareholders 15kobo dividend per share (same as in 2018) which amounted to N595.5million despite that its top-to-bottom line figures disappointed when compared to the preceding year levels. The company’s share price remained at N 5.9kobo per share on Friday August 30, 2019.

PZ Cussons Nigeria Plc reported revenue decline of 7.7percent to N74.33billion in the review financial year as against N80.55billion in 2018.

The principal activities of the group continued to be the manufacturing, marketing, sale and distribution of a wide range of consumer products and home appliances which are leading brand names throughout the country in the detergent, soap, cosmetics, refrigerators, and air-conditioners.

The group also distributes the products of Nutricima Limited, Harefield Industrial Nigeria Limited and PZ Wilmar Food Limited.

The results show that PZ Cussons Nigeria Plc’s operating profit decreased by 72.4percent to N2.27billion from a high of N8.22billion in 2018.

The company’s reported Profit Before Tax (PBT) declined by 16percent to N1.94billion from N2.31billion in 2018; while Profit After Tax (PAT) which stood at N1.15billion against N1.92billion in 2018, represents a decline of 40percent.

The company will close its register for dividend payment from October 14-18, 2019 while payment date is October 30, 2019. Its dividend yield Dividend Yield is 2.5percent.

According to the Register of members as at May 31, 2019, PZ Cussons (Holdings) Limited UK held 2.909billion shares in PZ Cussons Nigeria Plc which represents 73.27percent of the group’s paid-up share capital. Apart from PZ Cussons (Holdings) Limited UK, no other shareholder held more than 5percent of the group’s paid-up capital as at May 31, 2019.