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PZ Cussons’ annual profit quickens by 298% as asset disposal boosts earnings

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PZ Cussons Nigeria attributed its robust profit growth for the year ended 31 May 2026 to proceeds from asset disposal rather than to its regular sources of income that had shaped its financial performance in the past, according to its latest earnings report.

Net profit for the consumer goods company advanced nearly fourfold to N49.1 billion, thanks to profit on the disposal of fixed assets, which delivered N38.7 billion, compared with N6.5 million a year earlier.

The maker of home and personal care products, which also distributes consumer electronics, highlighted the sale of three properties and the facilities previously used by PZ Wilmar Limited, a former joint venture partner, as key drivers.

Last June, PZ Cussons announced it had offloaded its 50 per cent interest in PZ Wilmar, an enterprise set up for the production of palm oil and other edible oils, to Singapore-based Wilmar, which, until the closure of the deal, held the other half of the total shares.

The deal was for a cash consideration of $70 million.

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“Proceeds will be used to reduce gross debt and, as a result, the group’s key credit and bank covenant metrics are materially improved,” PZ Cussons said at the time.

Revenue for the period under review climbed by 22.5 per cent to N260.5 billion. The company attributed the growth to the strength of its business, the equity of its brands, and the discipline of execution.

Foreign exchange gain stood at N11.8 billion, in contrast to a loss of N7.8 billion one year prior, softening the blow that spikes in selling and distribution expenses and administrative costs would have had on operating profit, which rose by 307.2 per cent.

READ ALSO: PZ Cussons releases full year results, records N260.46bn revenue

Profit before tax increased by 364.1 per cent to N77.3 billion, while profit after tax rose to N49.1 billion from N10.1 billion.

“The business grew volumes in both the electrical and consumer business, leveraging investment in our brands and sharpening our route-to-market capabilities,” the board of directors said in a statement on Friday.

“The result has been market share gains by our major brands, increased household penetration, and robust volume uplift contributing to overall revenue growth,” it added.

PZ Cussons, which logged negative shareholder funds in 2024 and 2025, recorded a positive net asset position this time around at N70.6 billion.


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NIA Boss Commends Lagos for Turning Building Insurance Law Into Protection

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The Nigerian Insurers Association (NIA) on Friday applauded the Lagos State Government for transforming building insurance from a theoretical legal requirement into a practical shield for lives and property.

Speaking at the official launch of the Lagos State Building Insurance Scheme, the Chairman of  NIA and Managing Director/CEO of Rex Insurance Ltd, Mrs. Ebelechukwu Nwachukwu, praised Governor Babajide Sanwo-Olu’s administration for bridging the long-standing gap between policy and enforcement.

She said, “Today is not merely the launch of a new insurance scheme. It is the launch of a new way of protecting lives, property, and the future of Lagos State. This initiative demonstrates what is possible when government, regulators, and the insurance industry work together with a shared purpose to build a safer, more resilient society.

“Building insurance has existed in our laws for many years. What has often been missing is effective implementation. Today, Lagos State is bridging that gap. By combining geospatial intelligence, digital technology, and structured enforcement, the State is transforming a legal requirement into practical protection for its people. That is worthy of recognition.

“More importantly, it sends a powerful message that insurance is not an afterthought following disaster; it is an essential part of building safer communities before disaster occurs.

“Behind every building is more than bricks and concrete. There are families. There are businesses. There are livelihoods. There are dreams built over many years. When a building collapses, when fire destroys properties, or when floods devastate communities, it is not only infrastructure that is lost—it is hope, opportunity, and financial security.

“Insurance cannot prevent every tragedy. But it can ensure that tragedy does not become permanent hardship. That is why I say today, especially to property owners and developers: Insurance is not a burden placed upon you, but a protection extended to you.

“It is one of the smartest investments anyone can make in safeguarding lives, assets, and the future.

“This Scheme is not only good for Lagos; it is good for Nigeria. It demonstrates that compulsory insurance, when supported by strong institutions, effective technology, and stakeholder collaboration, can simultaneously protect citizens, strengthen public confidence, and deepen insurance penetration.”

On the part of the NIA, she added, “For our member companies, this represents an opportunity and a responsibility: an opportunity to extend protection to more Nigerians, and a responsibility to deliver professional service, fair underwriting, and prompt claims settlement.

“As our regulator has consistently reminded us, the greatest asset of our industry is trust. Every policy issued under this Scheme is an opportunity to strengthen that trust. Every claim settled promptly is an opportunity to reinforce public confidence.

“My hope is that what Lagos has begun today will inspire similar initiatives across other states of the Federation. The challenges of fire, flooding, and building collapse are not unique to Lagos. The Nigerian Insurers Association stands ready to work with other state governments to support practical initiatives that improve compliance, strengthen resilience, and expand access to insurance protection.”

She assured that the Association will continue to support its member companies while working closely with government agencies and regulators. “We will promote public awareness of the value of insurance and continue to champion an insurance industry that is professional, trusted, and responsive.

The post NIA Boss Commends Lagos for Turning Building Insurance Law Into Protection appeared first on Business Today NG.

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Otti backs establishment of $13.1m CNG project in Abia

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Governor Alex Otti of Abia State has backed the proposed 13.1million dollars Compressed Natural Gas (CNG) project, saying it aligns with the state’s industrialisation agenda and would strengthen clean energy and manufacturing development.

The project, proposed by Earthoc Group and its partners, involves the establishment of a 14.13 million Standard Cubic Feet Per Day (MMSCFD) Compressed Natural Gas (CNG) mother station at Owaza in Ukwa West Local Government Area.

The project is focused on boosting gas utilisation and supporting industrial growth in the state.

Speaking during a meeting at Nvosi, Isiala Ngwa South Local Government Area, on Thursday with the investors, Mr Otti said Owaza has proven commercial gas reserves, with exploration and production activities already being undertaken by different oil companies.

He described the location as ideal for the project because of its abundant gas resources and said the investment fitted into the state’s vision of building an industrial economy.

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Mr Otti said the proposed project aligned with the state’s industrialisation agenda, noting that the Abia Industrial and Innovation Park (AIIP), where several manufacturers had begun establishing operations, would provide a suitable location for the investment.

He said the state government would facilitate discussions on the company’s request for about five hectares of land within the AIIP and work with the investors on the proposed Public-Private Partnership (PPP) arrangement.

Mr Otti said Abia’s electric buses were powered by the uninterrupted electricity supplied by Aba Power Limited to Aba North, Aba South and seven other local government areas since February 2024.

He said the state government initially procured 20 electric buses, while another 20 had arrived, with an additional 30 expected before the end of September.

The governor, however, said CNG vehicles remained relevant because they were cheaper to operate and produced lower emissions than vehicles powered by internal combustion engines.

According to him, consumers would continue to have different transportation preferences, making both electric and CNG-powered vehicles important in the energy transition.

Mr Otti commended the investors and their partners for choosing Abia and expressed optimism that the proposed investment would attract more businesses to the state.

He also assured the delegation that land allocation for their automobile business would not pose a challenge, expressing hope that construction of the proposed facilities would commence soon.

Why Abia

Earlier, the Executive Director of Earthoc Group, Odim Kalu, said the company planned to invest about 13.1 million dollars in developing the 14.13 MMSCFD CNG mother station in Owaza.

Mr Kalu said the project would leverage the area’s abundant gas resources and position Abia as a major hub for compressed natural gas infrastructure in the South-east.

He said his company, which operates in marine logistics, support services and the oil and gas sector, ventured into CNG conversion following the federal government’s Presidential CNG Initiative introduced in 2023.

According to him, the company began converting petrol and diesel-powered vehicles, trucks and generators to CNG but identified the shortage of refuelling infrastructure, particularly in southern Nigeria, as a major obstacle to wider adoption.

He said the company subsequently partnered with a Chinese firm to construct CNG mother and daughter stations to bridge the infrastructure gap.

Mr Kalu said frequent complaints by motorists travelling between Port Harcourt and Enugu over the absence of CNG refilling stations in Abia informed the company’s decision to invest in the state.

“We have completed about 99 per cent of the preparatory work and are ready to commence the project.

“Our vision is to position Abia as the first integrated CNG industrial hub in the South-east, where there are currently no CNG mother stations,” he said.

Mr Kalu said the proposed facility would provide cleaner and more affordable energy for industries and the transport sector while reducing carbon emissions.

ALSO READ: Abia, neighbouring states in talks for regional railway project – Otti

He described Abia as an ideal investment destination because of its strategic location, growing industrial base, expanding demand for clean energy, gas deposits in Owaza and the state government’s commitment to industrialisation and job creation.

The executive director said that although the state had invested significantly in electric vehicles, CNG remained a complementary and cost-effective energy solution for commercial transportation and industries.

He said the project would create jobs, stimulate industrial growth and lower energy costs for businesses.

Earlier, the Director of Drivemart Automobiles, Chukwudalu Umeobi, said his company and its partners were seeking collaboration with the Abia State Government to develop the automobile and CNG sectors in the state.

Mr Umeobi, who is also a partner with Chery Group, an international Chinese automobile brand, said the company was in Abia to introduce its operations and explore areas of partnership with the state government.

He said Cherry Group was involved in the distribution, assembly and production of Cherry vehicles in Nigeria as part of efforts to support the growth of the country’s automobile industry.

According to him, the delegation included representatives of Earthoc Group, Fuelbuddy Nigeria and Unity Providus Bank, all partnering on initiatives to advance CNG infrastructure and clean energy solutions.

Mr Umeobi said that although Abia had made significant investments in electric vehicles, CNG offered a more affordable alternative for many users and could complement the state’s clean energy drive.

He said the delegation was in the state to present its proposals and explore investment opportunities with the state government.

(NAN)


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