NAIRAMETRICS
The Chief Executive Officer of PZ Cussons, Jonathan Myers has stated that the company would continue its asset disposal program following access to dollars in Nigeria.
He stated this during the investor call held following the release of the company’s 2024 Q3 result where it recorded a like-for-like growth in revenue of 6%.
According to him, the company has been disposing off some of its assets, mainly residential but halted the process due to cash buildup and problems with currency devaluation.
However, he noted that the company has commenced the process and further identified other assets in Nigeria deemed surplus to requirement.
- He stated, “Also, you’ll remember that, for some time, we have been disposing of the surplus assets in Nigeria, mainly residential property. We ceased this program in light of the cash build-up and concerns over a potential currency devaluation.”
- “However, with greater access to dollars, we have reinstated this activity. In addition, we have identified further assets, inside and outside of Nigeria, which are surplus to our operational requirements.”
The CEO noted that this year, the company has successfully repatriated d £35 million to the holding company and expects a further £15 million by the end of the year.
No increase on buyout offer to shareholders
Furthermore, the Chief Financial Officer of PZ Cussons, Sarah Pollard stated that the company would not increase its buyout offer to its Nigerian shareholders following the rejection of its current offer by the Securities and Exchange Commission (SEC).
