PZ Cussons Plc posts after-tax profit of N2.57 billion in 6 months of 2021 – Nairametrics

PZ Cussons Plc announced its 6-month results for the period ended November 30, 2021, showing 25.97% revenue growth from 37.38 billion naira recorded in the first half of 2020 to 47.09 billion of nairas.

The consumer goods company reported an after-tax profit of 2.57 billion naira, reflecting a significant growth of 213.44% compared to 820.93 million naira in the corresponding quarter of 2020. In the first quarter of 2021, the The company’s net profit amounted to 231.09 million naira.

The financial statement revealed that other income during the period came from the sale of scrap metal and the disposal of fixed assets. Net profit from the disposal of fixed assets increased by 71.21% from 1.74 billion naira to 2.98 billion naira in the same period of 2020.

The net profit for the period was mitigated by certain expense items, as shown in the income statement.

Revenues Expenses for the period increased 105.75% over the prior year period, which reduced pre-tax profit and subsequently net profit for the period.

During the period, other expenses which weighed on net income included selling and distribution expenses, administrative expenses and foreign exchange loss.

The main activities of PZ Cussons Plc are the manufacture, distribution and sale of a wide range of consumer products and household appliances through owned depots.

The company’s total assets declined by 8.77 billion Naira, from 87.34 billion Naira recorded at the end of 2020 to 96.11 billion Naira in June 2021. Total equity, however, grew by 2.57 billion naira year on year to stand at 37.13 billion naira.

What you should know

PZ Cussons Plc is currently trading at N 5.90 per share and its market cap stands at N 23.43 billion as of Thursday, December 16, 2021. Year-to-date performance shows that the share price of the company gained 11.32%.