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    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    IPOB calls for review, says Kanya court ruling confirms Kanu’s trial lack legal foundation

    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    Experts hail new HIV injection breakthrough ,decry high cost

    Experts hail new HIV injection breakthrough ,decry high cost

    US governor of  North Carolina declares June 14 Igbo Day

    US governor of  North Carolina declares June 14 Igbo Day

    Obi calls for immediate end to violence against Benue communities

    Obi calls for immediate end to violence against Benue communities

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    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    Teachers, health workers strike,others: Wike gets fresh ultimatum from FCT workers

    Abuja braces for two-week without water as rehabilitation works commence

    Abuja braces for two-week without water as rehabilitation works commence

    Ground rent: FCTA to take ownership of 4,794 revoked properties from Monday

    Ground rent: FCTA to take ownership of 4,794 revoked properties from Monday

    Apo-Wassa road ready for inauguration on Tinubu’s second anniversary-Wike

    Apo-Wassa road ready for inauguration on Tinubu’s second anniversary-Wike

    Wike approves recruitment of 34 resident doctors for FCT hospitals

    Wike constitute teams to screen Abuja land tittles

    FG revokes allocation to defaulting national housing programme beneficiaries

    Only two of 445 mass housing developers met FCTA conditions – Official

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    CJN appoints justice Abdullahi’s successor at the NJI

    FG  distributes gas cylinders in Sokoto, targets five million household nationwide by 2030

    Price of 5kg cooking gas increased to N8,167.43 in May – NBS

    Anambra Labour Party back Obi, endorse ADC coalition

    Anambra Labour Party back Obi, endorse ADC coalition

    Offa train service to resume before end of year- NRC

    Offa train service to resume before end of year- NRC

    Nigeria’s transition to gas will curb flaring- NUPRC

    Nigeria’s transition to gas will curb flaring- NUPRC

    For joining coalition, Abure faction of LP gives Obi 48-hour ultimatum to leave party

    For joining coalition, Abure faction of LP gives Obi 48-hour ultimatum to leave party

    Trending Tags

  • Infotech
    Senate approves restoration of Aniocha North II State Constituency, Delta

    Bill mandating social media platforms to have physical office, records of employees pass second reading at the Senate

    Nigeria investigated  213 privacy breaches in 2024-NDPC

    Nigeria investigated 213 privacy breaches in 2024-NDPC

    FG begins construction of emerging technologies Institute in Kano

    FG begins construction of emerging technologies Institute in Kano

    MTN denies orchestrating poor network to influence FG, labour talk, apologizes for network fluctuations

    MTN shuns Labour-FG committee on tariff review, hike data tariff by 200%

    Disconnections not to frustrate ₦EndBadGovernance Protest-Telcos

    FG receives recommendation on telecoms tarrif hike

    Peter Obi donates computers to Adamawa school, canvasses increased knowledge in ICT

    Peter Obi donates computers to Adamawa school, canvasses increased knowledge in ICT

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    Iran slams G7 statement for ignoring Israel’s blatant aggression

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    Iran launch over 100 drones towards Israel as conflict escalates

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    Six nuclear scientists killed in Israel attack on Iran — Reports

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    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Female suicide bomber kills 24, injure  scores in Borno community

    Female suicide bomber kills 24, injure scores in Borno community

    Obi calls for immediate end to violence against Benue communities

    Obi calls for immediate end to violence against Benue communities

    Police extend deadline for tinted glass permit to August 12

    Police extend deadline for tinted glass permit to August 12

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Economic crisis: PZ Cussons Nigeria records loss amid GDP growth claim by Nigeria govt

Daily Intel Newspaper by Daily Intel Newspaper
August 31, 2024
Economic crisis: PZ Cussons Nigeria records loss amid GDP growth claim by Nigeria govt

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PZ Cussons Nigeria in an audited account released on Friday, declared that it recorded a loss for the financial year ended 31 May 2024.

The company in a post on its website said the annual loss is the first since 2020 financial year.

Details showed that loss after tax rose to N76 billion and foreign currency obligations soared to a record.

The Nigerian operation of the Manchester-based British consumer goods manufacturer PZ Cussons Plc took a hit from a surge of more than 3,000 per cent in its foreign exchange loss from N5 billion to N157.9 billion within the review period.

Nigeria is PZ Cussons’ biggest and most diverse single market, according to the company’s website.

The huge foreign exchange loss further compounds the financial difficulty of the maker of widely-used homecare and body care products like Morning Fresh, Canoe and Premier Cool, which fell into a negative asset position in the second quarter, when its shareholders’ fund turned negative at N23.2 billion.

That figure went 18.7 per cent higher in the period under review.

PZ Cussons Nigeria relies heavily on imports for its raw materials, and transactions with international trade partners, some of which it is indebted to. This increased its current liabilities to N119.3 billion from N94.7 billion a year earlier.

The decision by Nigeria’s monetary authorities to weaken the naira two times between last June and this January in order to bring the official exchange rate to parity with street rates and attract foreign investors caused the local currency to fall by around 70 per cent against the dollar.

The slide in the rate of converting naira to dollar up the payables of PZ Cussons Nigeria, which generates its revenue in naira but pays for most of its trade obligations in foreign currencies.

What it owes trade partners and which needs to be settled as soon as possible stands at N90.6 billion up from N79.9 billion a year ago.

Premium Times observed that PwC, the independent auditor, was silent about commenting on the company’s financial position and did not raise any key audit issue in the financial report even though it is not yet clear what steps the company is taking to turn its negative asset position into positive.

“We have determined that there are no key audit matters to communicate in our report,” PwC said.

In March, the deal to fully take over PZ Cussons Nigeria by its parent company collapsed after British investors offered to buy the shares of minority stockholders at a price lower than the market price.

Revenue for the period climbed to N152.2 billion, one third higher than that of 2023. The company received a tax credit of N32.2 billion in contrast to last year when it incurred a tax liability of N6.1 billion.

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