PZ Cussons Nigeria reported a substantial increase in its annual net profit for the year ended May 31, 2026, with earnings advancing by 298% to N49.1 billion. This growth was largely attributed to proceeds from asset disposal, rather than its traditional income streams.
The profit on the disposal of fixed assets contributed N38.7 billion to the earnings, a significant rise from N6.5 million recorded in the previous year. This included the sale of three properties and facilities previously used by PZ Wilmar Limited.
In June of the preceding year, PZ Cussons divested its 50% stake in PZ Wilmar, a joint venture focused on palm and edible oils, to Singapore-based Wilmar for a cash consideration of $70 million. The company stated that these proceeds would be used to reduce gross debt and improve its credit and bank covenant metrics.
Despite the reliance on asset disposal for profit growth, the consumer goods company also saw its revenue climb by 22.5% to N260.5 billion. This was attributed to the strength of its business, brand equity, and disciplined execution.
The company also benefited from a foreign exchange gain of N11.8 billion, a notable improvement from a N7.8 billion loss reported one year prior. This gain helped mitigate the impact of increased selling and distribution expenses and administrative costs, contributing to a 307.2% rise in operating profit.
Profit before tax increased by 364.1% to N77.3 billion, while profit after tax reached N49.1 billion, up from N10.1 billion in the previous year. The board of directors noted volume growth in both the electrical and consumer businesses.
This growth was achieved by leveraging investments in brands and enhancing route-to-market capabilities, leading to market share gains, increased household penetration, and robust volume uplift that supported overall revenue growth.
Furthermore, PZ Cussons, which had reported negative shareholder funds in 2024 and 2025, successfully achieved a positive net asset position of N70.6 billion in the current reporting period.
