PZ Cussons Plc, a British consumer goods company known for brands like Canoe and Premier Cool, is considering exiting its operations in Africa, according to Premium Times. Africa contributes 28.7% of the company’s revenue, with Nigeria being its largest market.
The company has received several inquiries regarding a potential sale of its African operations, which could be partial or complete. PZ Cussons Nigeria indicated that they will provide updates once a formal notification is received from their parent company.
Recent financial statements revealed a 39.7% decline in net profit, exacerbated by a 57% devaluation of the Nigerian naira against the pound. The Nigerian division reported a significant annual loss of N76 billion, attributed to a staggering 3,000% increase in foreign exchange losses. The company acknowledged that macroeconomic challenges in Nigeria have adversely affected its financial performance.
