PZ Cus­sons share­hold­ers ap­prove N1.9bn div­i­dend

Daily Trust - - BUSINESS - By Daniel Adugbo

Share­hold­ers of PZ Cus­sons Nige­ria PLC have unan­i­mously ap­proved a div­i­dend pay­out of N1.985 bil­lion at a rate of 50 kobo per share yes­ter­day.

The ap­proval fol­lowed the rec­om­men­da­tion of the Board of Di­rec­tors after con­sid­er­ing the 2017 An­nual Re­port and Ac­counts at its 69th An­nual Gen­eral Meet­ing held in Abuja.

In his speech at the meet­ing, Chair­man PZ Cus­sons Nige­ria PLC Chief Kola Jamodu said group profit be­fore tax­a­tion grew by 53 per cent com­pared to pre­vi­ous year.

He at­trib­uted the in­crease to im­proved rev­enue and bet­ter con­trol of op­er­at­ing ex­penses

He said that con­sol­i­dated rev­enue grew by 15 per cent from N69.5 bil­lion in the pre­vi­ous year to N79.6 bil­lion while earn­ing per share also rose by 79 per cent.

“Our balance sheet, with total of N90.1 bil­lion, com­pared with N74.4 bil­lion re­mains strong, your com­pany was able to adapt and ad­just de­spite the chal­leng­ing op­er­at­ing en­vi­ron­ment” Jamodu told the share­hold­ers.

Ear­lier, the com­pany’s Chief Ex­ec­u­tive Of­fi­cer Mr. Chris­tos Giannopoulous high­lighted some strate­gic ini­tia­tives taken

These, he said, in­cluded con­sol­i­da­tion of routes to mar­ket, op­ti­miz­ing ex­ist­ing in­fra­struc­ture and in­vest­ment in new projects that im­proved ef­fi­ciency.

From left: Chief Ex­ec­u­tive Of­fi­cer, PZ Cus­sons Nige­ria, Mr Chris­tos Giannopou­los; Chair­man, PZ Cus­sons Nige­ria, Chief Kola Jamodu; and Com­pany Sec­re­tary, Mrs Abi­ola O. La­seinde at the com­pany's 2017 An­nual Re­port and Ac­counts in Abuja yes­ter­day

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