By Gbenga Agbana   Thursday, 9 Sep 2010

 

PZ Cussons Nigeria Plc has declared N2.7bn dividend for the 2009 financial year.

The dividend represents 80 kobo per share and 25 per cent increase over the N2.17bn paid last year.

 

Speaking at the 62nd Annual General Meeting of the company, the Chairman, Prof. Emmanuel Edozien, explained that despite the harsh operating environment in the year under review, ”Our brands continued to be well patronised and they maintained their leadership position in the various market categories. The company managed the challenges well, saw a strong profit growth and ended the year well positioned.”

 

He further explained that although turnover fell marginally from N63.7bn in 2008 to N62.7bn, profit before tax grew from N7.7bn to N8bn, while net profit surged from N4.8bn to N5.3bn, representing four per cent and 10 per cent increase respectively.

 

According to Edozien, the company‘s improved performance was driven by business expansion and the introduction of several exciting products, such as Ice Master, Turbo Freezer and L‘Espace refrigerator.

Source: The Punch