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    Nigeria needs new constitution to return to true federalism — Delegates

    Nigeria needs new constitution to return to true federalism — Delegates

    Alleged N5.2bn fraud:  Ex-JAMB registrar, ICPC opt for out of court settlement

    Alleged N5.2bn fraud: Ex-JAMB registrar, ICPC opt for out of court settlement

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    Facebook set new monetization rules for creators who uses other people content

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    Group alleges corruption, nepotism, others, calls for immediate sack of NMDPRA Boss

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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

  • Metro News
    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Lagos Assembly move to enact law to regulate house rents, agents, others

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

    Wike launch operation to flush street beggars, one- chance syndicate, others in FCT

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

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

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

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

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    EFCC to appeal Fayose’s N6.9bn fraud acquittal

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    Trending Tags

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    Facebook set new monetization rules for creators who uses other people content

    Facebook set new monetization rules for creators who uses other people content

    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

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    Israel bombs Iran’s heavy water reactor, says state television

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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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