PZ Cussons Nigeria posts 22% revenue rise, 349% profit jump after asset sales
PZ Cussons Nigeria reported audited full-year 2026 results for the year ended May 31, 2026, with revenue climbing 22% to ₦260.46 billion and profit after tax surging 349% to ₦45.17 billion. Earnings per share jumped from ₦2.32 to ₦10.87, and shareholders' equity turned positive at ₦66.64 billion from a negative ₦17.34 billion. The company proposed a ₦2.50 per share dividend, its first since 2022, giving about a 3.1% yield at the August closing price of ₦8.
However, the headline profit includes ₦38.67 billion from asset disposals. Excluding that gain, pre‑tax profit rose 132% to ₦38.65 billion, and recurring operating profit increased 117% to ₦37.1 billion. Underlying earnings per share are estimated around ₦5.20, meaning the proposed dividend would absorb roughly 42% of those earnings.
The turnaround shows the core consumer business improved—revenue grew from ₦99.5 billion in 2022 to ₦260.46 billion in 2026, gross margin rose to 28.1%, and the balance sheet strengthened as current liabilities fell and short‑term borrowings dropped to ₦5.9 billion. For investors, the key question is whether PZ can maintain the dividend and justify today’s share price of ₦81 through recurring earnings growth alone, without relying on further asset sales.