PZ Cussons Nigeria reports a loss of ₦3.2 billion despite revenue growth

PZ Cussons Nigeria Plc, a manufacturer of household and personal care products, has released its earnings report for the fourth quarter ended May 31, 2024, showing a net loss.

The company recorded a significant increase in sales, but incurred a net loss compared to the previous year’s profit.

In the fourth quarter, PZ Cussons reported sales of ₦41.53 billion, a significant increase compared to ₦26.97 billion recorded during the same period last year.

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Despite the sales increase, the company suffered a net loss of 3.2 billion yen, a stark contrast to the net income of 2.68 billion yen reported a year ago.

Basic loss per share from continuing operations was ₦0.0042, down from basic earnings per share of ₦0.0079 in the year-ago quarter.

Similarly, diluted loss per share from continuing operations was NGN0.0042, compared to diluted earnings per share of NGN0.0079 a year earlier.

The Guardian reports that in March 2024, the consumer goods manufacturer reported significant losses for the third quarter and nine months ended February 29, 2024. This is despite year-on-year sales growth.

In the third quarter, the company’s sales rose to 42.54 billion yen compared to 29.74 billion yen in the same period last year.

However, PZ Cussons reported a net loss of ₦18.69 billion, compared to a net income of ₦3.04 billion a year earlier. This represents a significant shift from profitability to loss.

The trend continued over the nine-month period, with sales rising to ₦110.63 billion from ₦87.00 billion. However, the company reported a net loss of ₦85.81 billion, compared with a net income of ₦10.22 billion for the same period last year.