PZ Cussons posts N76.02bn annual loss amidst naira devaluation

PZ Cussons Nigeria has posted a loss after tax of N76.02 billion in the financial year ending 31 May 2024.

This was contained in the company’s audited financial statement posted on the NGX on Friday, in which revenues increased by 34% to N152.24 billion.

But in what appeared a dip in the financials of the company, the firm which recorded a profit after tax of N14.35 billion in the same period of 2023 now posted a loss of N76.03 billion after tax.

This represents a 630% decline in performance.

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The soap maker further recorded revenues of N152.24 billion, an increase of 34% from N113.96 billion in 2023.

Also Gross Profit increased to N54.12 billion from N32.94 billion in 2023.

The performance was further compounded by foreign exchange loss of N157.91 billion from 4.95 billion in 2023 largely due to naira depreciation.

The devaluation of the naira has affected the performance of many manufacturing concerns in Nigeria amidst the rise in cost of raw materials.

The foreign exchange virtually quadrupled from a little around N460 to a dollar in May last year to almost N1,600 due to the unification policy of the federal government.