PZ Cussons reports 210% PBT growth in half-year 2022 thanks to property sale
PZ Cussons Plc released its half-year 2022 results on Friday, December 16, 2022, reporting a pre-tax profit of N9.28 billion.
This represents a 210% increase from the N2.99 billion the company reported during the same period in 2021.
The key highlights of the company’s financial performance are highlighted below.
Revenue
2022 H1: N57.26 billion
2021 H1: N47.08 billion
Change: +22%
Gross Profit
2022 H1: N13.56 billion
2021 H1: N11.39 billion
Change: +19%
Other income
2022 H1: N92.578 million
2021 H1 N121.450 million
Change: -23.77%
Pre-tax profit
2022 H1: N9.28 billion
2021 H1: N2.99 billion
Change: +210%
Net Profit after tax
2022 H1: N7.66 billion
2021 H1: N2.57 million
Change: +198%
Cash in hand
2022 H1: N65.51 billion
2021 Q3: N52.84 billion
Change: +23.97%
Bottom line: The growth in pre-tax profits was due to the sale of non-core residential property at Ikoyi, Lagos state. According to the financial statement, the company received N6.53 billion as net consideration from the asset sale, resulting in a profit of N5.94 billion.
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Curated from: https://nairametrics.com/2022/12/17/pz-cussons-reports-210-pbt-growth-in-half-year-2022-thanks-to-property-sale/
TAGS: #Cussons #reports #PBT #growth #halfyear #property #sale
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