Soap maker, PZ Cussons has announced it will review its business operations in Nigeria geared towards reducing risk and maximising shareholder value.
This was disclosed in a statement following the disclosure of its financial result for Q3, 2024 ending March 3, 2024.
The company announced it will sell its brand St. Tropez and evaluate its options for its Africa business noting that as part of the group, it is a very complex asset to manage despite its attractiveness.
According to the statement: “The Group has made significant progress in strengthening and improving the performance of its sizeable operations in Africa, where it owns a highly attractive group of assets with leading consumer brands, strong operational infrastructure and continued growth potential. However, the Board recognises that this is a complex group of assets and is therefore evaluating the strategic options both to reduce risk and to maximise shareholder value.”
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Speaking on the result for the quarter under review, the CEO of PZ Cussons, Jonathan Myers said there is much more to do to open the opportunities in its Nigerian business due to the severe macroeconomic challenges in the country.
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