PZ Cussons Nigeria has reported a loss after year of ₦96.4 billion for the financial year ended May 2024.
The loss was reported to occur as a result of currency devaluation in Nigeria.
PZ Cussons reported after-tax profit of ₦14.4 billion in the previous year, according to the firm’s latest financial statements and an exchange loss of ₦158.03 billion for 2024, a significant increase from the ₦4.95 billion loss in 2023.
CSL Research analysts said in a recent note that PZ Cussons’ foreign exchange loss occasioned by naira devaluation widened to ₦158.03 billion from ₦4.95 billion.
“In May 2023, the company’s equity capital was strong, settling at ₦48.360 billion at the time before the devaluation policy in mid-2024. The company suffered losses as the government devalued the local currency in 2024.”
“Total assets dipped to ₦137.6 billion from ₦166.4 billion in the period reviewed. Cash, cash equivalents, and bank overdrafts at the end of the year dipped to ₦32.7 billion from ₦101.6 billion.”
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.
