PZ Cussons slashes pre-tax losses by 99.1% amid rise in operating profit and scrap sales 

This represents a 99.14% reduction in losses, driven by an increase in revenue with a year-to-date figure of N69.1 billion.

The company recorded quarterly revenue of N56.4 billion, reflecting a 52.57% rise year-over-year from the N37 billion reported in the previous year.

Additionally, PZ Cussons noted an 859.86% year-over-year increase in ‘other income,’ which reached N726.8 million, supported by rental income and scrap sales totalling N469.7 million and N500.2 million, respectively.

The company reported a commendable year-over-year revenue increase of 52.57%, reaching N56.4 billion for the quarter, which elevates its nine-month revenue to N96.4 billion.

Amid these financial pressures, the company successfully mitigated its foreign exchange losses, reducing them to N5.8 billion from a staggering N42.5 billion reported during the same period last year.

Consequently, the company managed to decrease its pre-tax loss from N35.1 billion in the prior year to N301.7 million for the period ending November 30, resulting in an impressive reduction of 99.1%.

In the latest quarter, the company reported total assets amounting to N173.9 billion, reflecting an impressive increase of 10.6% from N157 billion in the preceding quarter.

This growth is underscored by notable advancements in both non-current and current assets.

Non-current assets saw a modest rise of 0.16%, increasing to N49.69 billion from N49.61 billion.

Current assets exhibited a surge of 15.6%, rising to N124.2 billion from N107.4 billion.