PZ Cussons Nigeria Plc reported a pre-tax loss of N5.2 billion in its interim financial statements for Q2 2024 (ending August 31, 2024). Despite the loss, this represents a notable 86% improvement compared to the N38.6 billion pre-tax loss recorded in the same period last year.
Key highlights of the period include a 29% year-over-year revenue increase to N39.9 billion, up from N31.0 billion in Q2 2023, and a corresponding 29% rise in the cost of sales, which reached N27.7 billion. Gross profit grew by 27% to N12.2 billion, though administrative expenses surged by 50% to N3.6 billion.
The company also experienced a significant reduction in exchange losses, down by 79% to N9.2 billion, compared to N44 billion in the previous year. Additionally, net interest income grew by 174%, reaching N1.1 billion.
Financial Highlights:
- Revenue: N39.9 billion (+29% YoY)
- Cost of Sales: N27.7 billion (+29% YoY)
- Gross Profit: N12.2 billion (+27% YoY)
- Administrative Expenses: N3.6 billion (+50% YoY)
- Exchange Loss: N9.2 billion (-79% YoY)
- Net Interest Income: N1.1 billion (+174% YoY)
- Pre-tax Loss: N5.2 billion (-86% YoY)
- Earnings Per Share (EPS): N1.17 (-88% YoY)
- Total Assets: N169.7 billion (+8% YoY)
- Current Liabilities: N136.7 billion (+10% YoY)
Despite the continued loss, the company’s financial performance reflects substantial improvement across key metrics, including reduced pre-tax losses and increased revenue.