Shareholders of PZ Cussons Nigeria PLC have unanimously approved a dividend payout of N1.985 billion at a rate of 50 kobo per share yesterday.
The approval followed the recommendation of the Board of Directors after considering the 2017 Annual Report and Accounts at its 69th Annual General Meeting held in Abuja.
In his speech at the meeting, Chairman PZ Cussons Nigeria PLC Chief Kola Jamodu said group profit before taxation grew by 53 per cent compared to previous year.
He attributed the increase to improved revenue and better control of operating expenses
He said that consolidated revenue grew by 15 per cent from N69.5 billion in the previous year to N79.6 billion while earning per share also rose by 79 per cent.
“Our balance sheet, with total of N90.1 billion, compared with N74.4 billion remains strong, your company was able to adapt and adjust despite the challenging operating environment” Jamodu told the shareholders.
Earlier, the company’s Chief Executive Officer Mr. Christos Giannopoulous highlighted some strategic initiatives taken
These, he said, included consolidation of routes to market, optimizing existing infrastructure and investment in new projects that improved efficiency.