Highlights
- Revenue: During the period under review, the company recorded N15.80 billion in revenue as against N15.89 billion recorded in the quarter of 2018. This represents a 0.55% revenue reduction.
- Profit After Tax: Similarly, the company recorded a loss after tax of N1.1 billion in the quarter of 2019, compared to a loss after tax of N204 million recorded during the same period in 2018. This represents a 435.49% decline.
- Earnings Per Share (EPS) stood at a loss of 28 kobo in 2019 compared to another loss of 5 kobo in 2018.
PZ Cussons Nigeria Plc, over the weekend, reported a net loss of N1.09bn for the first quarter of 2019/2020 financial year, further worsening its loss from the same period in 2019 when it recorded a net loss of N205m.
The consumer goods company said that revenue declined marginally by 0.5% to N15.8bn, driven by low consumer demand, which was impacted by a weak economy as well as competition in the market place.
The company said it expects its full-year results to be in line with last year, but are “dependent on no further worsening in our key markets, specifically the UK and Nigeria”.
In a trading update ahead of its Annual General Meeting (AGM) on 25 September, the British parent company, PZ Cussons Plc, said that its “key markets continue to be impacted by consumer fragility, with the Nigerian economy remaining depressed.”
It further said that it anticipates market conditions to remain challenging across its key geographies for the balance of the first half of the year.
However, improvement is anticipated in the second half of the year, as planned marketing activities behind focus brands and overhead reduction programmes take effect.
“The strategic refocusing and simplification of our activities will continue,” the company said.
PZ Cussons Nigeria manufactures a wide range of consumer products which includes electricals, personal and home care products, and dairy brands under the Nutricima business line which includes Nunu, Olympic and Coast milk brands.