₦airaland Forum

Due to the harsh economic reality in Nigeria and insecurity which causes Monday sit at home especially in Abia state that hosts their soap and detergent unit, long-time multinational PZ cussons is finally leaving the country..

Multinational consumer goods company, PZ Cussons, says it has commenced plans to sell its African subsidiaries to any interested buyer.

The parent company of PZ Cussons Nigeria said it is looking at a partial or full sale to mitigate the company’s exposure to fluctuations in the naira, which has devalued by 70 per cent.

The company stated this in its preliminary results published on its website for the year ended May 31, 2024.

According to the consumer goods manufacturer, the board has also received multiple interests regarding the sale of its African business.

The document read, “Over the last 12 months, we have made continued operational progress and delivered against the strategic priorities set out at the start of the year, against the backdrop of macro-economic challenges.

“At the same time, we have taken the important first steps to transform our business and maximise shareholder value, by refocusing our portfolio on where we can be most competitive.

“The period was marked by a 70 per cent devaluation of the Nigerian naira, which has had significant implications on our reported financials. We have worked hard to mitigate the impact of this on the group, while continuing to serve Nigerian consumers who are facing unprecedented inflation and economic difficulties.”

It, however, noted that revenue in its UK Personal Care business has significantly improved to a year of profitable, double-digit revenue growth.

On the sales of subsidiaries, the company said it has received, “a number of expressions of interest for our African business”, which recognises the potential of its brands and could lead to a partial or full sale.

“The favourable trends of the second half of FY24 have continued into the new financial year. We are progressing with our plans to sell St. Tropez and have received a number of expressions of interest for our African business, w the potential of our brands and people, which could lead to a partial or full sale.

“Against this backdrop, we remain confident in the long-term potential for PZ Cussons as a business with stronger brands in a more focused portfolio, delivering sustainable, profitable growth,” PZ Cussons said.

Commenting on the impact of the naira devaluation, PZ Cussons said a foreign exchange loss of £107.5m “primarily arose from the translation and settlement of USD denominated liabilities in our Nigerian subsidiaries and is wholly the result of the devaluation of the naira, which fell by 70 per cent from May 31, 2023 to May 31, 2024”.

In April, the Chief Executive Officer, PZ Cussons, Jonathan Myers, said the company was reviewing its brands and geographies over macroeconomic challenges and complexities in Nigeria.

He spoke a month after the Securities and Exchange Commission rejected PZ Cussons’ request to acquire the shares of minority shareholders in PZ Cussons Nigeria Limited, its Nigerian subsidiary.

In September 2023, PZ Cussons had shown interest in buying the remaining 26.73 per cent minority shares in its Nigerian subsidiary, at a price of N21 per unit.

As of May 31, PZ Cussons holds a 73.27 per cent stake in the Nigerian subsidiary, which represents 2.90bn shares, worth N45.53bn as of September 18.

The Nigerian subsidiary of the company, PZ Cussons Nigeria Plc has continued to struggle, as it posted a N94.78bn loss in the third quarter of 2023/24 compared to the N11.213bn gain it had in the corresponding period in 2022.

The firm suffered a N74.14bn loss in Q2. PZ Cusson remained in a negative net asset position, as liabilities surpassed assets by N46.420bn on the back of naira depreciation.

Earlier this year, the Securities and Exchange Commission rejected the ‘No Objection’ sought by the multinational to buy out minority shareholders at N23 and delist from the Nigerian exchange.

In another notice posted on the Nigerian exchange website, the company stated, “Please note that the company’s closed period, which commenced on September 1, 2024, will remain in effect until 24 hours after the release of the Unaudited Financial Statements for the first quarter ended 31 August 2024, to the market.”

https://punchng.com/fx-crisis-pz-cussons-to-sell-nigeria-subsidiaries-others/

Tinubu is disaster promax

Tinubu is not bothered even if all the multinational companies leave Nigeria.
My happiness is that all the hailers are now wailing more than the wailers

COMRADES, Tinubu has come to destroy Nigeria, nothing else

Monday sit at home is a product of Mr Tjnubu also-lets tell ourselves a simple truth,whenever,you prefer your neighbour's garden more when yours is burning-is a curse

Ezewuzie01:
Due to the harsh economic reality in Nigeria and insecurity which causes Monday sit at home especially in Abia state that hosts their soap and detergent unit, long-time multinational PZ cussons is finally leaving the country..

https://punchng.com/fx-crisis-pz-cussons-to-sell-nigeria-subsidiaries-others/

you will see hundred people waiting to buy the factory.

Ezewuzie01:
Due to the harsh economic reality in Nigeria and insecurity which causes Monday sit at home especially in Abia state that hosts their soap and detergent unit, long-time multinational PZ cussons is finally leaving the country..

Epitome of ignorance!!!

Where did they say that sit at home is the reason?
All you babablus trying hard to cover the disaster of TINUBULATION that has fallen on the nation.


Forex crisis is the reason.

It's pathetic that mod allowed this misleading post to make it to frontpage.

So sit at home is the reason 1 dollar is 1,600 naira?

Emilokan said he will continue from where Buba disaster stopped and some people thought he was joking but now no baby oil to take dey knack our tight girls dem as PZ dey park leave the country

From Buharinomics to Tunibulation ...all the companies are closing up because of back economic policies by the APC led administration, I wonder why some people are collecting 30k stipends to defend these incompetent people, 30k wey no fit buy Yam for market sef

Another relic of imperialism in the mud. Naptu2 is crying in childhood memories.

Ok

Tulumbu

okp*lor eyes is more than efulefu. He is already lost.

Melagros:
COMRADES, Tinubu has come to destroy Nigeria, nothing else

True . Yorubas aren't this wicked. Tinubu is just a bad man.

I laugh!!

What has Tinubu done to this country?

I have known PZ since I was born.

Now, Ebola is sending them packing!

Then we wants to invest in Nigeria when companies that has been in Nigeria over the years are leaving......
I pity the end of this man Sha......
He might think he is winning but really he is losing.

This is sad, and at the same time, a big opportunity for a billionaire to venture in same line of production

Why the govt in power isn't bothered about this trend is something I can't understand. Govt will keep on dishing propaganda that other companies are replacing the ones leaving, they forget that our increasing unemployment level doesn't align with govt's lies

THE FUNNY THING ABOUT NIGERIA IS THAT, THEY LIVE WITH SLAVES MENTALITY,THAT IS WHY THEY SUPPORT BAD GOVERNMENT,THAT WILL CONTINUE TO ENSLAVED THEM MORE

The incompetent Tinubu has destroyed the economy and country..it's a pity.. renewed hope to renewed shege

Have no worries. FreestuffsNG will soon cook up a comforting lie about how one invisible chinko company is coming to invest 300 billion zillion dollars in Nigeria and then Yarimo and Helinues will begin singing the praises of the Iragbiji bedwetter as they inhale the scent of his sh!t

According to ewedu gobblers, Chinese will replace them! Very stvpid sect of citizens..

.

By the time all the company closure reaches the National Assembly, we will have clarity about our direction. Those in leadership remained silent, unfazed by any concerns.

The taxman is killing everything in sight😄😄😄😄
Even IMF and world bank have begun distancing themselves from their own policies 😄😄

What the hell is happening? What is tinubu still doing as the president? Is he above impeachment?

Cussons is a international brand , they are tired of their products being faked by our industrious brother and hence they want to saner places in Nigeria

Dear Jagaban lovers,

What is the progress update on Tinubu’s eight point agenda he promised Nigerians in 2023? This is over one year now. How far?

1. food security;
2. poverty eradication;
3. growth,
4. job creation;
5. access to capital;
6. inclusion;
7. rule of law; and
8. fighting corruption

https://punchng.com/translating-tinubus-8-point-agenda-to-recovery/?amp

What about the 50 million jobs promised between 2023 to 2026? How many has Tinubu and his government created?

https://www.nairaland.com/7821154/tinubu-sets-3-year-economic-revival