Shareholders Funds Wiped Out As PZ Cussons Reports N96.4 Billion Net Loss
Consumer goods company PZ Cussons has reported a net loss of N96.4 billion for the fiscal year ending May 31, 2024.
According to its latest unaudited financial statements, the losses resulted in the company posting a negative equity of N47.2 billion by the end of the fiscal year.
PZ Cussons has been grappling with significant macroeconomic challenges that adversely affect its profit margins.
Among the key issues cited are high interest rates, exchange rate depreciation, and escalating inflation. These factors have combined to create a tough operating environment for the company, contributing to its financial difficulties.
The company has yet to announce any specific measures it will take to address these financial setbacks.
In a statement released in March 2024, the holding company, PZ Cussons (Holding) Limited announced plans to review its Nigerian operations to ”reduce risk and maximize shareholders value.”
