PZ Cussons Changes Plans To Exist Africa, Other African Countries, Gives Reason
- PZ Cussons has decided to suspend its plans to sell its African subsidiaries, citing improved economic conditions in Nigeria and the continent’s growth potential.
- The company has now released its expansion plan for its core business in Nigeria, Kenya, and Ghana and includes men’s and beauty; products
- Its latest financial report shows that net profit of N13.49 billion, revenue up 48% to N59.01 billion, and gross profit at N15.90 billion
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
PZ Cussons Plc has announced the suspension of plans to sell its African subsidiaries due to improvement in Nigeria’s economic fundamentals and the growth potential of the continent.
In a statement released on Thursday, December 11, the consumer goods company said it will retain its African operations and pursue ambitious growth plans as part of a broader strategy to balance its portfolio across developed and emerging markets.
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The UK-listed group had in April 2024 initiated a strategic review of its African operations.
At the time, it sold its 50% equity stake in PZ Wilmar Limited, its non-core edible oils business in Nigeria, to joint venture partner Wilmar International Limited for $70 million.
The group noted that while it received considerable interest from potential buyers for its wider African portfolio, the board concluded that retaining the business would generate the greatest value for shareholders.
The company said it plans to strengthen its portfolio across developed markets like United Kingdom and Australia/New Zealand and emerging markets, including Indonesia and Nigeria, BusinessDay reports.
Part of the statement reads:
“The Group is now setting out plans to build a winning portfolio of locally-loved brands, building on the improved momentum achieved in recent years."
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The growth strategy focuses on three pillars: expanding the core business in Nigeria, Kenya, and Ghana; entering new categories like men and beauty; and growing across Africa using existing footprints.
The company noted that it is well-positioned to leverage local insights, brand heritage, manufacturing scale, and route-to-market expertise in a competitive environment where several multinationals have exited the market, the Punch reports
PZ releases financial performance
Meanwhile, the company has shared how it has performed so far in 2025.
- Net profit: N13.49 billion, up from a loss of N4.65 billion in Q1 2025
- Earnings per share: N3.29, compared with negative N1.16 last year
- Foreign exchange gain: N3.57 billion, reversing a N9.28 billion loss a year earlier
- Operating profit: N21.59 billion, up from a loss of N4.10 billion
- Revenue: N59.01 billion, up 48% year-on-year
- Gross profit: N15.90 billion, up from N12.23 billion
- Selling & distribution expenses: N5.66 billion, up 55%
- Administrative expenses: N4.37 billion, up 20%
- Profit before tax: N21.54 billion, compared with a loss of N5.22 billion
Equinor leaves Nigeria
Earlier, Legit.ng reported that Norwegian state-owned multinational energy company Equinor has announced its exit from Nigeria after 31 years of operations.
The company sold its Nigerian assets, including an oil field, to Chappal Energies, a Nigerian indigenous energy company, in a deal worth $1.2 billion.
Equinor cited strategic realignment as the reason for its decision to divest from Nigeria.
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Source: Legit.ng
