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Business News of Monday, 10 January 2022

Source: sunnewsonline.com

PZ Cussons sets agenda for 73rd AGM

PZ Cussons Nigeria Plc has announced that it will be holding its 73rd Annual General Meeting (AGM) PZ Cussons Nigeria Plc has announced that it will be holding its 73rd Annual General Meeting (AGM)

PZ Cussons Nigeria Plc has announced that it will be holding its 73rd Annual General Meeting (AGM) at the Command Centre, 45/47 Town Planning Way, Ilupeju, Lagos, Nigeria on Thursday, 27 January, 2022, at 11.00 am.

The company in a filing to the Nigerian Exchange Limited (NGX), said the agenda for the AGM will be to lay before members the Report of the Directors, the Financial Statements for the year ended Monday, May 31, 2021, the Report of the Auditors, and the Audit Committee thereon, to declare a dividend and to elect/re-elect Directors.

It further added that the meeting will also witness the authorisation of directors to fix the remuneration of the Auditors, disclosure of the remuneration of the managers of the Company in line with the provisions of the Companies & Allied Matters Act 2020 and election of members of the Audit Committee.

The filing from the company, said, “That the general mandate given to the Company to enter into recurrent transactions with related parties for the Company’s day-to-day operations, including the procurement of goods and services, on normal commercial terms, in compliance with the NSE Rules Governing Transactions with Related Parties or Interested Persons, be and is hereby renewed”.

The company currently trading at N6.70 per share, had in 2021 reported its 6 months earnings for the period ended Tuesday, November 30, 2021, revealing a 25.97 per cent growth in revenue from N37.38 billion recorded in Half Year 2020 to N47.09 billion.

The consumer goods company reported a profit after tax of N2.57 billion, reflecting significant growth of 213.44 per cent from N820.93 million in the corresponding quarter of 2020. In the Q1 2021, the company’s net profit stood at N231.09 million.

The financial statement revealed that other income during the period was released from scrap sales and disposal of fixed assets. Net profit generated from disposal of fixed assets increased by 71.21 per cent from N1.74 billion to N2.98 billion in the same period of 2020.