April 1, 2026/CSL Update

PZ Cussons Nigeria Plc. (PZ) recently released its 9M 2026 financial statement for the period ended 28 February 2026, reporting a 27.7% y/y Revenue growth to ₦197.2 billion from ₦154.4 billion in 9M 2025. On a quarter-on-quarter basis, Revenue advanced marginally by 0.6% y/y to ₦69.3 billion in Q3 2026 from ₦68.9 billion in Q2 2026.

Cost of Sales rose broadly in line with revenue, increasing by 27.6% year-on-year to ₦143.2 billion (9M 2025: ₦112.3 billion). Consequently, the cost-to-sales ratio edged down slightly to 72.6% from 72.7% in the prior year. Gross Profit grew by 28.2% y/y to ₦54.0 billion, compared to ₦42.2 billion in 9M 2025. This translated to a marginal improvement in Gross Profit Margin, which increased by 0.1 percentage points to
27.4% (9M 2025: 27.3%).

Financial Highlights:

• Revenue: +27.7% y/y to ₦197.2Bn
• Cost of Sales: +27.6% y/y to ₦143.2Bn
• OPEX: -25.6% y/y to ₦19.2Bn
• EBITDA: +267.1% y/y to ₦70.1Bn
• Operating Profit: +286.7% y/y to ₦68.3Bn
• Profit After Tax: +246.5% y/y to ₦39.1Bn

Stock Rating: HOLD | Target Price: ₦75.11/share

To read full report, click on the link below​​

​​​​​​​​​PZ 9M 2026 Quick Take.pdf