PZ Cussons has published its interim financial results for the second quarter of the 2024/25 fiscal year, revealing a substantial reduction in pre-tax losses. The company’s pre-tax loss was ₦301.7 million, which is a 99.14% decrease compared to the ₦35.1 billion loss from the same quarter in 2023/24.
This significant improvement was driven by robust revenue growth, with year-to-date revenue reaching ₦69.1 billion. For the quarter, PZ Cussons’ sales went up by 52.57% compared to the same time last year, rising to ₦56.4 billion from ₦37 billion.
Key Financial Highlights
- Total Income: ₦56.4 billion, +52.57% YoY
- Cost of Goods Sold: ₦41.6 billion, +68.48% YoY
- Selling and Delivery Costs: ₦4.3 billion, up 12.47% from last year
- Operating Profit: ₦48 million, compared to a loss of ₦36.7 billion last year
- Other Income: ₦726.8 million, +859.86% YoY (including ₦469.7 million from rental income and ₦500.2 million from scrap sales)
- Net Interest Income: ₦1 billion, up 169.8% from last year
- Pre-Tax Loss: ₦301.7 million, down 99.14% from last year
- Basic Earnings per Share: (₦0.59), down 93.40% from last year
- Total Assets: ₦173.9 billion, +10.78% YoY
The company saw a big jump in its income for the quarter, going up by 52.57% to ₦56.4 billion. This made its total income for the first nine months reach ₦96.4 billion. But, this increase also led to higher expenses:
- Cost of Sales: Went up by 68.48% to ₦41.6 billion, from ₦24.7 billion in the same quarter last year.
- Selling and Distribution Expenses: Increased by 12.47% to ₦4.3 billion, compared to ₦3.8 billion before.
Even though costs went up, the company managed to lower its foreign exchange losses to ₦5.8 billion, which is a big improvement from the ₦42.5 billion it had in the same time last year.
PZ Cussons improved its business performance, moving from an operating loss of ₦36.7 billion last year to an operating profit of ₦48 million.
Extra income increased by 859.86% compared to last year, reaching ₦726.8 million. This was mainly due to rental income of ₦469.7 million and money from selling old materials, which added ₦500.2 million.
