Shareholders of PZ Cussons yesterday approved dividend pay-out of 15 kobo per share amounting to a total of N595million. The unanimous approval followed the recommendation of the Board of the company at its 70th Annual General Meeting held at Transcorp Hilton, Abuja. The chairman of the company, Chief Kola Jamodu, CFR, while addressing the shareholders at the AGM, explained that the consolidated revenue grew by 3% to N80.6 billion up from N78.2 billion during the period. He said this was in spite of drop in operating profit and profit after tax by 37.7%and 47% respectively relative to previous financial year.
He also told the shareholders that this performance was largely reflective of the performance of the economy with a GDP growth of 2%, improvement in forex earning, stability and access has however helped for importation critical of raw materials. He said a number of measures have been taken to guarantee a more sterling performance in the next financial year. According to him, these include further streamlining and optimization of products to improve on focus on key brands, consolidation of existing infrastructure and facilities towards improving supply chain efficiencies, optimization of operating model to reduce overheads and speed to market for new products.
While the competition in the Fast Moving Consumer Goods(FCMG) remains strong, he assured the shared holders that their company’s balance sheet remains strong with total assets of N88.1billion and continue to maintain a strong cash position that gives the company the flexibility and agility in financing our operations. He also informed the shareholders of a number of CSR projects carried out during the year to give back to the society. He thanked them and other stakeholders for their confidence on the board. The shareholders thereafter unanimously approved the recommendation for dividend payment within the next 24hours.
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