PZ Cussons Nigeria Plc reported a pre-tax profit of N77.32 billion for the year-to-date period ended May 31, 2026, representing a 364.08% increase from N16.66 billion recorded in the same period of 2025.

Profit after tax even grew faster at 328% YoY, hitting N49.099 billion compared to N10.066 billion in the same period last year.

On a quarterly basis, Q4 pre-tax profit rose to N9.12 billion from N1.69 billion in the same quarter of 2025, while post-tax profit hit N9.985 billion compared to the loss of N1.22 billion recorded in Q4 2025

According to the company’s earnings report, PZCN stated:

Also Read

  • “Our performance for the FY26 financial year is a testament to the strength of our business, the equity of our brands, and the discipline of our execution.
  • “Despite operating in a constantly changing business environment, we delivered growth in both revenue and profit, underscoring the resilience of our portfolio and the effectiveness of our strategic priorities.”

Key Highlights (2026 vs. 2025)

  • Revenue: N260.46 billion (Up 22.49% YoY from N212.63 billion)
  • Cost of sales: N187.191 billion (Up 20.83% YoY from N154.926 billion)
  • Gross profit: N73.27 billion (Up 26.96% YoY from N57.71 billion)
  • Operating profit: N77.06 billion (Up 307.24% YoY from N18.92 billion)
  • Earnings per share: N11.80 (Up 413.04% YoY from N2.30)
  • Total assets: N161.13 billion (Down 4.60% YoY from N168.90 billion)
  • Cash and cash equivalents: N41.32 billion (Up 1.63% YoY from N40.66 billion)

Driving the numbers

PZ Cussons delivered a stronger topline performance, with revenue rising by 22.49% to N260.46 billion from N212.63 billion.

  • The company attributed revenue growth to a mix of volume and price initiatives, supported by higher volumes in both the electrical and consumer businesses, investment in brands, and sharper route-to-market capabilities.
  • Gross profit grew faster than revenue, rising by 26.96% to N73.27 billion from N57.71 billion. This suggests that the company retained more profit after direct production costs, with gross margin improving to 28.13% from 27.14%.
  • The strongest driver of earnings was the sharp improvement in operating profit, which rose to N77.06 billion from N18.92 billion.

Apart from revenue growth and gross profit expansion, the company recorded a foreign exchange gain of N11.84 billion for the year, compared with a foreign exchange loss of N7.78 billion in the prior year.

  • Other income also increased significantly to N39.82 billion from N1.80 billion due to the sale of 3 properties, providing a major lift to operating earnings.
  • Cost pressure remained visible. Selling and distribution expenses rose to N26.51 billion from N17.90 billion, while administrative expenses increased to N21.07 billion from N14.70 billion.
  • Impairment of trade receivables also increased to N278.86 million from N203.56 million.

However, these increases were more than offset by stronger gross profit, the foreign exchange gain, and the significant increase in other income.

  • Finance costs fell sharply to N965.44 million from N3.63 billion, reflecting the impact of lower borrowings.

This supported the improvement in pre-tax profit, which rose by 364.08% to N77.32 billion. Profit after tax increased by 387.74% to N49.10 billion, despite a higher income tax expense of N28.22 billion.

Balance sheet

PZ Cussons significantly deleveraged its balance sheet during the year, with group borrowings falling by 91.72% to N5.90 billion from N71.27 billion.

  • The parent company’s borrowings were fully cleared, declining from N63.87 billion in the prior year to nil in 2026.
  • It is this that contributed to the reduction in finance costs and supported the company’s return to positive equity.

Total equity improved to N70.57 billion from negative N17.34 billion, while retained earnings recovered to N8.05 billion from a deficit of N38.77 billion.

Cash flow

Cash generation remained positive, although weaker than the prior year. Net operating cash flow fell to N26.06 billion from N40.66 billion, reflecting lower cash generated from operations.

Investing activities generated a net inflow of N29.10 billion, supported by N32.95 billion in proceeds from the sale of property, plant, and equipment.

Financing activities recorded a net cash outflow of N60.26 billion, driven mainly by N57.79 billion in borrowing repayments.

Market reaction

PZ Cussons began the year with a share price of N44.35 and has gained 103% on that valuation. In July, the stock gained 5% to close at N90 last week, recovering after a 13% decline in June.