PZ Cussons Nigeria Plc has blamed the 54 per cent drop in the profit recorded in its 2012 financial year to insecurity in the North.
The Managing Director, PZ Cussons Nigeria, Mr. Christos Giannopoulos, said this on Thursday on the sidelines of the company’s 64th Annual General Meeting in Abuja.
The spate of terrorist activities in the region had led to loss of many lives and properties, as well as closure of some business outfits.
An analysis of the company’s financial statement, which was approved by the shareholders at the event, showed that profit decreased by 54 per cent from N5.217bn in 2011 to N2.410bn in the year under review.
Giannopoulos said, “We are happy now that the situation in the North has improved tremendously since six months ago, and we are beginning to see that our sales are increasing.
“Therefore, I am very confident that in the next financial year, it will improve. Our sales in the North during the peak (of the crisis) were down by over 40 per cent, and this translates into 54 per cent drop in profit.”
Despite the development, he said the company recorded a 10 per cent rise in turnover from N65.877bn in 2011 to N75.154bn.