PZ Cussons Nigeria Plc reported a pre-tax loss of N5.2 billion in its interim financial statements for the period ending August 31, 2024.
This figure represents an 86% year-over-year improvement compared to the N38.6 billion pre-tax loss the group recorded in the same period last year.
Despite this loss, the group experienced a surge in revenue, which rose by 29% year-over-year to N39.9 billion in the quarter ending August 31, 2024, compared to N31.0 billion in the same period last year.
Key Financial Highlights: Q2 2024 vs. Q2 2023
Commentary
PZ Cussons Nigeria Plc saw a 29% year-over-year growth in revenue, increasing from N31.0 billion in Q2 2023 to N39.9 billion in Q2 2024.
However, the rise in revenue was accompanied by a proportional increase in the cost of sales, which also jumped by 29% year-over-year to N27.7 billion, up from N21.5 billion in the same period last year.
As a result, the group generated a gross profit of N12.2 billion, reflecting a 27% year-over-year increase compared to N9.6 billion in 2023.
However, administrative expenses surged by 50%, reaching N3.6 billion in Q2 2024, compared to N2.4 billion in the previous year.
Furthermore, the group faced substantial exchange losses, amounting to N9.2 billion, though this figure represents a 79% improvement from the N44 billion exchange loss recorded last year.
It posted a negative net interest value which declined by 174% year-over-year to N1.1 billion.
Despite these costs, PZ Cussons Nigeria Plc was able to reduce its pre-tax loss from N38.6 billion in 2023 to N5.2 billion in 2024, depicting an improvement.
Additionally, the company’s earnings per share saw an 88% recovery, moving from a negative N9.73 per share in 2023 to N1.17 per share in 2024.
PZ Cussons’ total assets grew by 8% to N169.7 billion as of Q2 2024, compared to N157 billion in the same period last year.
However, current liabilities also rose by 10% year-over-year, standing at N136.7 billion compared to N123.8 billion in 2023.
While PZ Cussons Nigeria Plc reported pre-tax losses in the first quarter ending August 31, the group’s financial performance shows significant improvement in areas, such as revenue growth and reduced pre-tax losses.
While PZ Cussons Nigeria Plc reported pre-tax losses in the first quarter ending August 31, the group’s financial performance shows significant improvement in areas, such as revenue growth and reduced pre-tax losses.