PZ Cussons Nigeria Plc reported a nearly fourfold increase in net profit for the year ended 31 May 2026, attributing the surge primarily to proceeds from asset disposals rather than core business operations. The consumer goods company posted a net profit of N49.1 billion, up from N10.1 billion in the prior year, according to its latest earnings report.
Asset disposals drive profit surge
The profit on disposal of fixed assets contributed N38.7 billion, compared with a mere N6.5 million a year earlier. The company sold three properties and facilities previously used by PZ Wilmar Limited, a former joint venture partner. In June 2025, PZ Cussons divested its 50% stake in PZ Wilmar, an enterprise focused on palm oil and edible oils production, to Singapore-based Wilmar for $70 million in cash. At the time, the company stated that proceeds would be used to reduce gross debt and improve key credit and bank covenant metrics.
Revenue growth and operational performance
Revenue for the period rose by 22.5% to N260.5 billion. PZ Cussons attributed this growth to the strength of its business, brand equity, and disciplined execution. Foreign exchange gains stood at N11.8 billion, reversing a loss of N7.8 billion in the prior year, which helped cushion the impact of higher selling and distribution expenses and administrative costs. Operating profit surged by 307.2%.
Profit before and after tax
Profit before tax increased by 364.1% to N77.3 billion, while profit after tax rose to N49.1 billion from N10.1 billion. The board of directors said in a statement on Friday, “The business grew volumes in both the electrical and consumer business, leveraging investment in our brands and sharpening our route-to-market capabilities.” They added, “The result has been market share gains by our major brands, increased household penetration, and robust volume uplift contributing to overall revenue growth.”
Positive net asset position
After recording negative shareholder funds in 2024 and 2025, PZ Cussons achieved a positive net asset position of N70.6 billion as of 31 May 2026, reflecting the impact of the asset disposals and improved profitability.
