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PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation - Business - Nairaland

Nairaland ForumNairaland GeneralBusinessPZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation (9344 Views)

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PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by emkz(op): 9:07am On Aug 31, 2024
PZ Cussons Nigeria posted its first annual loss since 2020 in the financial year ended 31 May 2024, according to its audited accounts released on Friday.

Details showed that loss after tax rose to N76 billion and foreign currency obligations soared to a record.

The Nigerian operation of the Manchester-based British consumer goods manufacturer PZ Cussons Plc took a hit from a surge of more than 3,000 per cent in its foreign exchange loss from N5 billion to N157.9 billion within the review period.

Nigeria is PZ Cussons' biggest and most diverse single market, according to the company's website.

The huge foreign exchange loss further compounds the financial difficulty of the maker of widely-used homecare and body care products like Morning Fresh, Canoe and Premier Cool, which fell into a negative asset position in the second quarter, when its shareholders' fund turned negative at N23.2 billion.

That figure went 18.7 per cent higher in the period under review.

PZ Cussons Nigeria relies heavily on imports for its raw materials, and transactions with international trade partners, some of which it is indebted to. This increased its current liabilities to N119.3 billion from N94.7 billion a year earlier.
https://www.premiumtimesng.com/business/business-news/729664-pz-cussons-nigeria-reports-first-annual-loss-in-years-amid-naira-depreciation.html?utm_campaign=twitter&utm_medium=twitter&utm_source=twitter

Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by emkz(op):
Breaking News: Peter Obi sews aimless twitter thread, laments PZ record-making losses, blames President Tinubu for multidimensional poverty and encourages the government to invest in education to arrest decline in human capital development.

We hope that one day, Peter Obi would see something positive to say about Nigeria.

PS: Please for those celebrating their ignorance and attacking me over the comment above, the comment is satire, based on Peter Obi's predicatble but humorous behaviour. It is sad I have to explain something so basic to those who deluded themselves that they could install a mediocre president on Nigeria. Their candidate was so mediocre that he reasoned his only path to win election was to set Christians against Muslims. Two Muslim candidates thrashed the Pentecostal project.
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by greenermodels: 9:16am On Aug 31, 2024
That one doesn't concern APC, Tinubu just got a new presidential Yacht, presidential jet and presidential limousine to flex life. All the big companies can bleed to death for all he cares.
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by ictmikky(m): 10:18am On Aug 31, 2024
Oh no! Not again! The challenge is huge and affects all sectors of the economy. We really need to be serious with development and advancement. I believe we have the ability and resources it takes to come out of this mess.
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Didijiji: 10:18am On Aug 31, 2024
Tinubulation

The curse Nigeria Carries at the moment

HARD LUCK Nigeria
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by mrjoeblinks: 10:18am On Aug 31, 2024
Ehen?
.
Every day no be christmas
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by nairaman66(m): 10:19am On Aug 31, 2024
All falls down on this wicked government! Since 2015 Nigerians have not known peace! The only people celebrating this evil APC government are the urchins placed on 30k salary. Soon that 30k will be worthless than tissue paper!
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by santaclaws: 10:19am On Aug 31, 2024
.
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by venabili: 10:20am On Aug 31, 2024
Hmm. I hope this doesnt lead to job cuts or outright exit of the company. A negative shareholders fund will make getting debt financing harder.
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by OkCornel(m):
A certain person promised on April 27, 2023 that naira will exchange for 300 to the USD in a year’s time.

Abeg wetin be the exchange rate today?

Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Didijiji: 10:20am On Aug 31, 2024
CURSED BE ALL THOSE WHO ORGANIZED THE OJOTA PROTEST
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Manager001: 10:21am On Aug 31, 2024
emkz:
Breaking News: Peter Obi sews aimless twitter thread, laments PZ record-making losses, blames President Tinubu for multidimensional poverty and encourages the government to invest in education to arrest decline in human capital development.

We hope that one day, Peter Obi would see something positive to say about Nigeria.
Quick recovery!
Wetin concern Peter Obi now?
Nawaooh
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by OgiidiiHerbals(m): 10:21am On Aug 31, 2024
This economy affecting all sectors
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Xxxxtentacion2: 10:21am On Aug 31, 2024
APC doesn't deserve to rule Nigeria.
They are bunch of failures and their supporters are just bunch of misguided scallywags
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by yesloaded: 10:21am On Aug 31, 2024
Na wah o
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Xxxxtentacion2: 10:22am On Aug 31, 2024
emkz:
Breaking News: Peter Obi sews aimless twitter thread, laments PZ record-making losses, blames President Tinubu for multidimensional poverty and encourages the government to invest in education to arrest decline in human capital development.

We hope that one day, Peter Obi would see something positive to say about Nigeria.
can you name one positive thing about Nigeria.
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Lovelife433(m): 10:22am On Aug 31, 2024
APC is evil personified. No good news about this evil occultic demons.
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Passionate888: 10:23am On Aug 31, 2024
Tinubulation
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by bluefilm: 10:23am On Aug 31, 2024
Things Fall Apart

Under balabluuu
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by mrvitalis(m): 10:23am On Aug 31, 2024
Tinubu and His yorubas filled team have failed in every sector

There is no singler sector tinubu have improved

Name one and get 100k I challenge all APC Supporters
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Great0ne1: 10:23am On Aug 31, 2024
emkz:
Breaking News: Peter Obi sews aimless twitter thread, laments PZ record-making losses, blames President Tinubu for multidimensional poverty and encourages the government to invest in education to arrest decline in human capital development.

We hope that one day, Peter Obi would see something positive to say about Nigeria.
You mean something positive like depreciation of naira, kidnapping of school children, record high inflation ?
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by chigator2:
This one here doesn't concern the Yoruba/APC e-idiots. Igbos are to blame. Nigeria is progressing under omoluabi.

A wise man once said "If you don't end Nigeria, Nigeria will end you". But no, his people are busy gallivanting in Abuja and Lagos with "One Nigeria" all because of pennies that inflation and a worthless currency will wipe away instead of coming together to build a lasting legacy for generations to come.
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by mrvitalis(m): 10:24am On Aug 31, 2024
emkz:
Breaking News: Peter Obi sews aimless twitter thread, laments PZ record-making losses, blames President Tinubu for multidimensional poverty and encourages the government to invest in education to arrest decline in human capital development.

We hope that one day, Peter Obi would see something positive to say about Nigeria.
Name one sector Tinubu has improved and get 100k I dare you
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by OkCornel(m): 10:24am On Aug 31, 2024
Clears throat
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by kenex4ever(m): 10:25am On Aug 31, 2024
emkz:
Breaking News: Peter Obi sews aimless twitter thread, laments PZ record-making losses, blames President Tinubu for multidimensional poverty and encourages the government to invest in education to arrest decline in human capital development.

We hope that one day, Peter Obi would see something positive to say about Nigeria.
You cannot fail all your exams and expect your siblings or parents to praise you.

Stop stealing tax payers money, revive the economy as promised in your sugar coated manifesto and you will receive praise from all Nigerians and not just your kinsmen waiting in line to receive appointment meant for other parts of the con3. if fed character is obeyed.
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by chigator2: 10:27am On Aug 31, 2024
N
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Nicoddemus(m): 10:27am On Aug 31, 2024
ictmikky:
Oh no! Not again! The challenge is huge and affects all sectors of the economy. We really need to be serious with development and advancement. I believe we have the ability and resources it takes to come out of this mess.
You're still in limbo. As it stands now Nigeria is irredeemable
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by money121(m): 10:28am On Aug 31, 2024
Ok
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Ezmans: 10:29am On Aug 31, 2024
mrvitalis:
Name one sector Tinubu has improved and get 100k I dare you
I support you with 100k
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Great0ne1: 10:29am On Aug 31, 2024
mrjoeblinks:
Ehen?
.
Every day no be christmas
Can you highlight the Christmas/feel good era of tinubu government
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by Robertgreene1(m):
Interesting...More Sackings loading!!! We must all get sense by fire by force in this country!!! just like a drug addict that quits drug and is going through withdrawal symptoms...the harder the symptoms...the harder he/she will ever touch drugs again! So the harder the sufferings...the harder we will mumu again in 2027! He is from my village...he is from my tribe...So l will vote for him!!! Now that you've lost your job or ur bizness is going down the drain and you and your kids are hungry and starving...go and tell him to feed you na!!! Someone that doesn't even know you exist or care whether you starve to death sef!!!
Mtcheew...What nonsense!!!
Re: PZ Cussons Nigeria Reports First Annual Loss In Years Amid Naira Depreciation by NwaliE01: 10:37am On Aug 31, 2024
emkz:
Breaking News: Peter Obi sews aimless twitter thread, laments PZ record-making losses, blames President Tinubu for multidimensional poverty and encourages the government to invest in education to arrest decline in human capital development.

We hope that one day, Peter Obi would see something positive to say about Nigeria.
Instead of you to focus on your problem, you're here aiming at Peter Obi. Use same energy to challenge the draconian policies melting on Nigerians by the government.
Stop chasing shadows!
1 2 3 Reply

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