From Judex Okoro, Calabar
PZ Cussons Nigeria Plc has approved final dividend of N2.42 billion, representing a payment of 61 kobo per share to all its shareholders.
Chairman of PZ Cussons Plc, Dr. Kola Jamodu, who disclosed this during the company’s 67th Annual General Meeting (AGM) held in Calabar, Tuesday, said the company posted total assets of N67 billion with no debt.
Jamodu said the N2.42 billion was in addition to the N794 million interim dividend of N20 per share paid in March, bringing the total dividend pay out to N3.21 billion.
He said, “despite the adverse economic condition, including increasing competition, the company’s turnover grew from N72.9 billion to N73.1 billion from 2014 to 2015,” adding that “the balance sheet of the company remained strong with total assets of N67 billion and no debt.”
According to the Chairman, the board of directors is approving a final dividend pay out of N2.42 billion, representing payment of 61 kobo per share at this AGM.
He said, “together with the interim dividends of 20 kobo per share and N794 million paid in March, this brings the total dividend per share for 2015 to 81 kobo.
“The dividend will be paid to shareholders on September 30, 2015 after deducting the appropriate withholding tax,” he said.
He explained that the profit before tax dropped by 5.7 per cent this year as compared to the previous year, adding that it was due to the impact of the significant exchange loses.
Jamodu, however, said that despite the tough operating environment, the company performed well compared to other competitors.
On the vision for next fiscal year, he said, “our focus in driving shareholder value through improving efficiencies in the supply chain and continuous investment in the brands that delight our consumers was sustained during the year.
Source : SunOnline