PZ Cussons Nigeria, seems to be on the road to recovery going by the higher revenue earned year on year and sharply lower losses made in Q2 2024/2025 

About the firm 

PZ Cussons Nigeria Plc was incorporated in Nigeria on 4 December 1948 under the name of P.B. Nicholas and Company Limited. The name was changed to Alagbon Industries Limited in 1953 and to Associated Industries Limited in 1960. 

The Company became a public Company in 1972 and was granted a listing on the Nigerian Stock Exchange. The name was changed to Paterson Zochonis Industries Limited on 24 November 1976 and in compliance with the Companies and Allied Matters Act, it changed its name to Paterson Zochonis Industries Plc on 22 November 1990. 

On 21 September, 2006, the Company adopted its present name of PZ Cussons Nigeria Plc. The principal activities of the Group are the manufacturing, distribution and sale of a wide range of consumer products and home appliances through owned depots. 

The firm’s products include Morning Fresh, Premier, Premier Cool, Cussons Baby, Carex, Imperial Leather, Mamador, Devon Kings and Haier Thermocool.

H1 2024/2025 results 

Revenue went up by 42% from N68 billion in 2023 to N96.4 billion in 2024.

Loss after tax fell by 91% from N74.1 billion in 2023 to N7 billion in 2024

Unfortunately, the company didnt give a revenue split, so it has hard to determine which segment did better. 

Q2 2024/2025 numbers 

Q2 revenue came in at N56.4 billion, way higher than the N37 billion earned in the same period in 2023.

The firm recorded an operating profit of N48 million in the quarter, compared to a N36.7 billion operating loss recorded in 2023. 

 Loss before tax was N301 million, way lower than the N35.1 billion loss before tax made in 2023.

Dont expect a dividend

Despite the green shoots, shareholders shouldn’t expect a dividend anytime soon. The firm has N40.4 billion in negative retained earnings. Till those turn green, there is no way, the company can pay a dividend.

The firm has a quick ratio of less than 1 indicating it would be in a tight spot, should there be difficulty in accessing short term finance.