At the annual general meeting (AGM) held yesterday,shareholders of PZ Cussons Nigeria Plc approved a N1.99 billion dividend payment for 2016 financial year thus translating to 50 kobo per share.
Chairman of the company, Chief Kolawole Jamodu said despite the deteriorating operating environment, the company had remained focused and managed to deliver a steady performance for the period to grow shareholder value.
Jamodu disclosed the company recorded an exchange loss of N2.9 billion, cutting its group profit after tax (PBT) by 52 per cent to N3.15 billion from N6.56 billion in 2015 while its consolidated revenue decreased by 4.9 percent to N69.5 billion from N73.1 billion.
However, the chairman said: “Improved planning and execution in supply chain and targeted investments in key brands helped to limit the negative impact of the scarcity of foreign currency and other adverse effects.”He said in the overall assessment, the company “did well to hold its position in the market, reducing the negative impact of the prevailing adverse conditions and performing satisfactorily against peers in the sector.”
According Jamodu: ”We regard current economic challenges as transitory and we remain excited about the future of the company. Our confidence has been emboldened by positive policy changes being adopted by the government such as the new foreign exchange regime that has been introduced by the Central Bank of Nigeria. Our brands remain strong and popular with consumers which leaves us well placed to hold our market and exploit any emerging opportunities.”
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