A total of N6.1billion other income pushed PZ Cussons Nigeria Plc profit to N7.6billion in the second quarter (Q2) ended November 30, 2022, representing an increase of 228 per cent from N2.57billiion reported in second quarter of 2021.
The Household company reported N6.1billion other income in the period under review as against N3.1billion in Q2 2021.
The latest unaudited financial statement of the listed company on the Nigerian Exchange Limited (NGX) showed N9.3billion profit before tax in Q2 2022 from N2.99billion reported in Q2 2021.
The increase in profits was driven by 22 per cent increase in revenue to N57.3billion in Q2 2022 as against N47.09billion in Q2 2021.
Amid growing revenue, the group reported an increase in operating expenses that rose by 8.3per cent to N9.24 billion in Q2 2022 from N8.53 billion in Q2 2021.
From the balance position, the group reported N129.82billion total assets as of November 2022, an increase of 19per cent from N109.47billion reported in 2021 financial report.
PZ Cussons Nigeria reported N17. 9billion borrowings in the period, while trade and other payables dropped by seven per cent to N56.8billion as of November 30, 2022 from N60.99billion reported in 2021.
This positioned the household company total liabilities to N84.41billion as of November 30, 2022 from N71.73billion in 2021.
During the period, PZ Cussons Nigeria provided a term loan facility to its subsidiary HPZ Ltd amounting to N9.3billion.
The loan is repayable over 36 months with an annual interest of 7.5per cent.