PZ Cussons Nigeria Plc, a manufacturer of household and personal care products, has released its earnings report for the fourth quarter ended May 31, 2024, reporting a net loss.
The company saw significant growth in sales but faced a net loss compared to the previous year’s profit.
For the fourth quarter, PZ Cussons reported sales of ₦41.53 billion, a substantial increase from ₦26.97 billion recorded in the same period last year.
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Despite the increase in sales, the company faced a net loss of ₦3.2 billion, a stark contrast to the net income of ₦ 2.68 billion reported a year ago.
The basic loss per share from continuing operations was ₦0.0042, down from the basic earnings per share of ₦0.0079 in the same quarter last year.
Similarly, the diluted loss per share from continuing operations was NGN 0.0042, compared to diluted earnings per share of ₦0.0079 a year ago.
The Guardian reports that in March 2024, the manufacturer of everyday consumer goods reported significant losses for the third quarter and nine months ended February 29, 2024. This comes despite an increase in sales year-over-year.
For the third quarter, the company’s sales grew to ₦42.54 billion, compared to ₦29.74 billion in the same period last year.
However, PZ Cussons recorded a net loss of ₦18.69 billion, compared to a net income of ₦3.04 billion a year ago. This represents a substantial swing from profitability to losses.
The trend continued over the nine-month period. Sales rose to ₦110.63 billion from ₦87.00 billion. Yet, the company suffered a net loss of ₦85.81 billion, compared to a net income of ₦10.22 billion for the same period last year.
