PZ’s shareholders okay N2.42bn dividend

Shareholders of PZ Cussons Nigeria Plc on Tuesday approved a final dividend of N2.42bn, representing a payment of 61 kobo per share to all its shareholders.

This is in addition to the N794m interim dividend – 20 kobo per share – paid in March, and it brings the total dividend payout to N3.21bn.

The Chairman, PZ Cussons Nigeria, Dr. Kola Jamodu, spoke about the dividend payment in his remarks during the company’s 67th annual general meeting which held in Calabar, Cross River State.

Jamodu said despite the adverse economic condition in the country, including increasing competition, the company’s turnover grew from N72.9bn to N73.1bn.

The company’s chairman also said the balance sheet remained strong with total assets of N67bn and no debt.

He said, “The board of directors is recommending a final dividend payout of N2.4bn, representing payment of 61 kobo per share at this AGM. Together with the interim dividend of 20 kobo per share, N794m, paid in March, this brings the total dividend per share for the year to 81 kobo.

“If approved, the dividend will be paid to shareholders on September 30, 2015 after deducting the appropriate withholding tax. Our balance sheet remains strong with total assets of N67bn and no debts.”

He explained that the profit before tax had dropped by 5.7 per cent compared to the previous year, adding that it was due to the impact of the significant exchange loses that were incurred as a result of valuation of the naira during the year under review.

Jamodu, however, said in spite of the tough operating environment, the company performed well compared to other competitors.

“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. The white goods business experienced volume and top line growth despite increasing competition from global brands and cheap low quality imports,” he stressed.

He assured shareholders that the company would continue to invest in its core brands and growth categories.

Jamodu also commended the staff of the company, adding that the good performance despite harsh condition was made possible by them.

Also at the AGM, the shareholders unanimously endorsed the report of the independent auditor on financial statements.

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