PZ Cussons sees 298% profit rise from selling assets

PZ Cussons Nigeria said its big profit jump for the year ending 31 May 2026 came mainly from selling assets, not from its usual income sources. This is according to its latest earnings report.

The company's net profit rose nearly four times to N49.1 billion. This was mainly due to making N38.7 billion from selling fixed assets, compared to just N6.5 million last year.

PZ Cussons makes home and personal care products, and also sells consumer electronics. The company pointed out that selling three properties and facilities from PZ Wilmar Limited, a past joint venture partner, helped boost its earnings.

Last June, PZ Cussons said it sold its 50 percent stake in PZ Wilmar, a company set up for making palm oil and other cooking oils, to Wilmar in Singapore. Before the deal closed, Wilmar owned the other half of the shares.

The sale brought in $70 million in cash.

"Proceeds will be used to reduce gross debt and will greatly improve the group’s key credit metrics," PZ Cussons said at that time.

For the period in question, revenue grew by 22.5 percent to N260.5 billion. The company said this growth came from the strength of its business, the value of its brands, and disciplined execution.

The foreign exchange gain was N11.8 billion, a big change from a loss of N7.8 billion the previous year. This helped cushion the effects of rising selling and distribution costs, as well as administrative expenses that would have impacted operating profit, which shot up by 307.2 percent.

Profit before tax rose by 364.1 percent to N77.3 billion, while profit after tax increased to N49.1 billion from N10.1 billion last year.

"The business grew volumes in both the electrical and consumer segments by investing in our brands and improving our market reach," the board of directors said in a statement on Friday.

"This has led to market share gains for our major brands, more households using our products, and a strong boost in volume that contributed to overall revenue growth," they added.

PZ Cussons, which had negative shareholder funds in 2024 and 2025, now recorded a positive net asset position of N70.6 billion this time.