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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text; matched to OCR text and compared cell by cell with the page image; read from the page image) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

PZ Cussons Nigeria

PZ · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
PZ Cussons Nigeria Plc
Listing
PZ on the Nigerian Exchange, active · ISIN NGPZ00000005 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 May

Overview

Year ended 31 May 2026 · annual report, signed / final · source

  • Revenue

    NGN 260 billion

    260,456,428 NGN thousands · p24

    Change not shown.

  • Operating profit / (loss)

    NGN 77.1 billion

    77,059,303 NGN thousands · p24

    Change not shown.

  • Profit / (loss) for the year

    NGN 45.2 billion

    45,170,144 NGN thousands · p24

    Change not shown.

  • Total assets

    NGN 160 billion

    159,569,034 NGN thousands · p23

    Change not shown.

  • Total equity

    NGN 66.6 billion

    66,642,175 NGN thousands · p23

    Change not shown.

  • Cash from operations

    NGN 30.0 billion

    30,037,367 NGN thousands · p27

    Change not shown.

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the two years come from different filings.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 31 May 2026 — annual report, signed / final; reported for the year · source
  • FY to 31 May 2025 — annual report, signed / final; reported for the year · source
  • FY to 31 May 2024 — annual report, signed / final; comparative in the FY to 31 May 2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY to 31 May 2026 — annual report (signed / final), as reported for the year; FY to 31 May 2025 — annual report (signed / final), as reported for the year; FY to 31 May 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 May 2026Annual reportreported for the yearFY to 31 May 2025Annual reportreported for the yearFY to 31 May 2024Annual reportcomparative in FY to 31 May 2025 filing
Revenue 260,456,428 212,634,336 152,249,309
Cost of sales (187,191,170) (154,926,172) (98,120,852)
Gross profit 73,265,258 57,708,164 54,128,457
Selling and distribution expenses (26,514,466) (17,895,551) (13,222,552)
Impairment charge on trade receivables1 (278,864) (203,559) 264,751
Administrative expenses (21,167,879) (14,701,674) (10,682,828)
Foreign exchange gain/(loss)2 11,835,354 (7,784,240) (157,918,245)
Other income 39,919,900 1,799,393 2,931,740
Operating profit3 77,059,303 18,922,533 (124,498,677)
Interest income 1,224,444 1,370,783 6,108,171
Interest cost (965,436) (3,632,761) (4,098,109)
Profit before tax4 77,318,311 16,660,555 (122,488,615)
Income tax expense5 (32,148,167) (6,593,836) 32,171,333
Profit for the year6 45,170,144 10,066,719 (90,317,282)
Other comprehensive income –7 –7 –7
Total comprehensive income for the year8 45,170,144 10,066,719 (90,317,282)
Non-controlling interest9 2,005,936 859,089 (7,614,976)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (8)
  1. Printed under different labels across filings: “Impairment (charge)/credit on trade receivables”; “Impairment charge on trade receivables”.
  2. Printed under different labels across filings: “Foreign exchange gain/(loss)”; “Foreign exchange loss”.
  3. Printed under different labels across filings: “Operating profit”; “Operating profit/(loss)”.
  4. Printed under different labels across filings: “Profit before tax”; “Profit/(loss) before tax”.
  5. Printed under different labels across filings: “Income tax (expense)/credit”; “Income tax expense”.
  6. Printed under different labels across filings: “Profit for the year”; “Profit/(loss) for the year”.
  7. Printed under different labels across filings: “Total comprehensive income for the year”; “Total comprehensive income/(loss) for the year”.
  8. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of total comprehensive income.

Balance sheet

Balance sheet, NGN thousands. Columns: FY to 31 May 2026 — annual report (signed / final), as reported for the year; FY to 31 May 2025 — annual report (signed / final), as reported for the year; FY to 31 May 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 May 2026Annual reportreported for the yearFY to 31 May 2025Annual reportreported for the yearFY to 31 May 2024Annual reportcomparative in FY to 31 May 2025 filing
Property, plant and equipment 20,366,273 18,063,354 14,976,785
Right-of-use assets –1 11,516 107,637
Intangible assets 105,962 211,924 317,886
Investment in subsidiary2 –1 –1 –1
Investment property 851,100 879,714 1,936,931
Deferred tax 6,892,680 27,777,194 29,781,800
Lease receivables3 2,077,144 2,540,788 2,493,269
Total non-current assets 30,293,159 49,484,490 49,614,308
Inventories 61,270,580 53,497,584 40,845,449
Lease receivables4 418,412 Not reported in this filing65 Not reported in this filing7
Trade and other receivables 24,864,718 12,335,805 17,781,992
Loan receivables8 –9 –9 –9
Other assets 862,689 927,926 1,728,248
Deposits for imports10 356,415 10,920,180 13,701,925
Deliverable forwards –9 63,088 4,518,435
Cash and cash equivalents 40,762,517 40,659,864 28,869,338
Total current assets 128,535,331 118,404,447 107,445,387
Asset held for sale11 740,544 1,013,414 –12
Total assets 159,569,034 168,902,351 157,059,695
Share capital 1,985,238 1,985,238 1,985,238
Share premium 6,878,269 6,878,269 6,878,269
Other reserves 53,106,801 14,293,613 14,293,613
Retained earnings13 4,391,508 (38,772,700) (48,079,289)
Equity attributable to owners (unlabelled subtotal) 66,361,816 (15,615,580) (24,922,169)
Non-controlling interest 280,359 (1,725,577) (2,584,666)
Total equity14 66,642,175 (17,341,157) (27,506,835)
Deferred income15 7,591 384,322 603,436
Warranty provisions16 562,179 495,545 245,420
Total non-current liabilities 569,770 879,867 905,977
Trade and other payables 75,317,696 105,147,429 90,600,357
Borrowings 5,900,000 71,267,620 89,064,729
Deferred income17 447,424 536,057 724,448
Contract liabilities 1,631,033 2,394,584 692,667
Current taxation payable 8,917,980 5,893,251 2,448,803
Warranty provisions 142,956 113,184 79,033
Lease liability –18 11,516 50,516
Total current liabilities 92,357,089 185,363,641 183,660,553
Total liabilities 92,926,859 186,243,508 184,566,530
Total equity and liabilities 159,569,034 168,902,351 157,059,695
Loan receivables19 Not reported in this filing20 –1 –1
Lease liability Not reported in this filing21 –22 57,121
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  4. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
  5. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
Notes and alternative reported figures (17)
  1. “Investment in subsidiary” is an issuer-specific line, not mapped to a shared definition: Note 10: company columns only; dashes in the group columns.
  2. “Lease receivables” is an issuer-specific line, not mapped to a shared definition: Note 12.5, non-current.
  3. “Lease receivables” is an issuer-specific line, not mapped to a shared definition: Note 12.5, current.
  4. Annual report dated 2026-08-28 presents this line for this year: - (p23). Not shown in this column, which follows one filing's presentation.
  5. Not reported in this filing: Not printed: the 2025 statement of financial position (p23) prints lease receivables once, under non-current assets; no current lease receivables line (page image and text layer).
  6. Not reported in this filing: Not printed: the 2025 statement of financial position (p23) prints lease receivables once, under non-current assets; no current lease receivables line for 2024 (page image and text layer).
  7. “Loan receivables” is an issuer-specific line, not mapped to a shared definition: Note 13: company columns only; dashes in the group columns.
  8. “Deposits for imports” is an issuer-specific line, not mapped to a shared definition: Note 15, current assets.
  9. “Asset held for sale” is an issuer-specific line, not mapped to a shared definition: Note 5: printed after the current-asset subtotal.
  10. Printed under different labels across filings: “Accumulated losses”; “Retained earnings”.
  11. Printed under different labels across filings: “Total Equity”; “Total equity”.
  12. “Deferred income” is an issuer-specific line, not mapped to a shared definition: Note 18, non-current.
  13. “Warranty provisions” is an issuer-specific line, not mapped to a shared definition: Note 22, non-current.
  14. “Deferred income” is an issuer-specific line, not mapped to a shared definition: Note 18, current.
  15. “Loan receivables” is an issuer-specific line, not mapped to a shared definition: Note 13, non-current: company columns only; dashes in the group columns.
  16. Not reported in this filing: Not printed: the 2026 statement of financial position (p23) prints loan receivables only under current assets (group: dashes); no non-current loan receivables line (page image and text layer).
  17. Not reported in this filing: Not printed: the 2026 statement of financial position (p23) prints its lease liability only under current liabilities (group 2026: dash); no non-current lease liabilities line (page image and text layer).

Cash flow

Cash flow, NGN thousands. Columns: FY to 31 May 2026 — annual report (signed / final), as reported for the year; FY to 31 May 2025 — annual report (signed / final), as reported for the year; FY to 31 May 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 May 2026Annual reportreported for the yearFY to 31 May 2025Annual reportreported for the yearFY to 31 May 2024Annual reportcomparative in FY to 31 May 2025 filing
Cash generated from operating activities 38,276,291 41,033,907 (99,988,171)
Income tax paid (8,238,924) (370,894) (8,042,253)
Net cash generated from operating activities (label displaced in the text layer) 30,037,367 40,663,013 (108,030,424)
Interest income received 889,302 977,470 6,108,171
Lease receivable payment1 380,374 345,794 –2
Loan advanced3 –2 –2 –2
Interco loan repayment received4 –2 –2 –2
Proceeds from sale of property, plant and equipment 17,994,371 6,778 3,392
Proceeds from disposal of asset held for sale5 14,493,088 Not reported in this filing76 Not reported in this filing8
Acquisition of property, plant and equipment (5,070,345) (4,992,405) (2,953,720)
Net cash generated from/(used in) investing activities9 28,686,789 (3,662,363) 3,157,843
Principal drawdown in the year –10 2,900,000 4,500,000
Repayment of borrowings (59,294,136) (24,731,616) (22,871,048)
Interest expense paid (965,436) (3,632,761) (4,098,109)
Unclaimed dividend forefeited (statute barred)11 –10 98,959 156,776
Lease payment12 (11,516) (96,121) (96,121)
Net cash used in financing activities13 (60,271,088) (25,461,539) 29,556,937
Net (decrease)/increase in cash and cash equivalents14 (1,546,932) 11,539,111 (75,315,644)
Cash and cash equivalents at 1 June 40,659,864 28,869,338 101,623,076
Effect of foreign exchange rate changes in cash 1,649,585 251,415 2,561,906
Cash and cash equivalents at 31 May 40,762,517 40,659,864 28,869,338
Trade obligation with banks15 Not reported in this filing16 –10 37,671,826
Capital contribution17 Not reported in this filing18 –10 14,293,613
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (16)
  1. “Lease receivable payment” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 12.5.
  2. “Loan advanced” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 13; company columns only.
  3. “Interco loan repayment received” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 13; company columns only.
  4. “Proceeds from disposal of asset held for sale” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 27.1.
  5. Annual report dated 2026-08-28 presents this line for this year: - (p27). Not shown in this column, which follows one filing's presentation.
  6. Not reported in this filing: Not printed: the 2025 statement of cash flows (p27) has no proceeds-from-disposal-of-assets-held-for-sale line (page image and text layer).
  7. Not reported in this filing: Not printed: the 2025 statement of cash flows (p27) has no proceeds-from-disposal-of-assets-held-for-sale line for 2024 (page image and text layer).
  8. Printed under different labels across filings: “Net cash (used in)/generated from investing activities”; “Net cash generated from/(used in) investing activities”.
  9. “Unclaimed dividend forefeited (statute barred)” is an issuer-specific line, not mapped to a shared definition: Financing activities, note 23.1a.
  10. “Lease payment”: mapping to a shared definition is uncertain. Printed 'Lease payment' (note 8); equal to the right-of-use depreciation add-back, not split into principal and interest.
  11. Printed under different labels across filings: “Net cash (used in)/generated from financing activities”; “Net cash used in financing activities”.
  12. Printed under different labels across filings: “Net (decrease)/increase in cash and cash equivalents”; “Net increase in cash and cash equivalents”.
  13. “Trade obligation with banks” is an issuer-specific line, not mapped to a shared definition: Financing activities, note 25.2.
  14. Not reported in this filing: Not printed: the 2026 statement of cash flows (p27) has no trade-obligation-with-banks line (page image and text layer).
  15. “Capital contribution” is an issuer-specific line, not mapped to a shared definition: Financing activities, note 41 (2024: capital contribution by the parent company).
  16. Not reported in this filing: Not printed: the 2026 statement of cash flows (p27) has no capital-contribution line (page image and text layer).

Per share and shares

Per share and shares. Columns: FY to 31 May 2026 — annual report (signed / final), as reported for the year; FY to 31 May 2025 — annual report (signed / final), as reported for the year; FY to 31 May 2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY to 31 May 2026Annual reportreported for the yearFY to 31 May 2025Annual reportreported for the yearFY to 31 May 2024Annual reportcomparative in FY to 31 May 2025 filing
Earnings / (loss) per share (per share)21 10.87 2.32 (20.83)
Profit / (loss) attributable to shareholders (NGN thousands)3 43,164,208 9,207,630 (82,702,306)
Notes and alternative reported figures (3)
  1. Printed under different labels across filings: “Basic and diluted earnings per share (Naira)”; “Basic and diluted earnings/(loss) per share (Naira)”.
  2. Earnings / (loss) per share: printed as “Basic and diluted earnings per share (Naira)”.
  3. Profit / (loss) attributable to shareholders: printed as “Equity holders of the parent company”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • PZ Cussons Nigeria Plc Annual report, consolidated and separate financial statements 31 May 2026

    Year ended 31 May 2026 · Annual report · signed / final

    Audit: PricewaterhouseCoopers (Chartered Accountants), unmodified opinion · signed

    Auditor's sign-off: Osere Alakhume, engagement partner, for PricewaterhouseCoopers

    Final status: Independent auditor's report of PricewaterhouseCoopers to the members of PZ Cussons Nigeria Plc (opinion PDF p20) closes on PDF p22 with the handwritten signature of Osere Alakhume (FRC/2013/ICAN/004/00000000647), for PricewaterhouseCoopers, Lagos, dated 28 August 2026, with the ICAN stamp (page image). Statement of financial position (PDF p23): issued and approved by the board of directors on 27 August 2026 and signed by the chairman, the chief executive officer and the chief financial officer with DocuSign electronic signatures ('DocuSigned by' / 'Signed by' boxes, page image). PDF p18-p19 is a separate limited-assurance report on internal control over financial reporting, not the audit opinion.

    Document date
    28 Aug 2026
    Auditor's report
    28 Aug 2026
    Board approval
    27 Aug 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 May 2026
    Basis
    consolidated statements · NGN thousands (printed “In thousands of Naira”)
    • In the text layer of p27 the label 'Net cash generated from operating activities' is held at the foot of the page, away from its row of figures (30,037,367; 2025: 40,663,013); the render prints it on that row, so it is read as an unlabelled line after 'Income tax paid'.
    • Interest received is printed within investing activities and interest paid within financing activities (p27).
    • The equity section prints the subtotal attributable to owners of the parent without a label (p23); read as an unlabelled subtotal.
    • The group cash-flow column headings carry small marks ('2026' with a superscript mark, '2025 #', p27) that the document does not explain on that page; figures read as printed.
    • The statement of changes in equity (p25-p26) shows a prior-year restatement of the 1 June 2024 opening balances (unwinding of an intercompany debt waiver against a capital contribution reserve); the 2025 comparative columns on the primary statements are not labelled restated in this document.
    • EPS printed in naira (10.87; 2025: 2.32, p24), basic and diluted on one line.
    Technical details
    File
    79 pages, with a text layer
    SHA-256
    07c39dc475b6586d4ede63c4076557211b376df85544aa2c23a3177a5c0c059d
    Entity as printed
    PZ Cussons Nigeria Plc ('the company') and its subsidiary (together 'the group')
    Exchange copy
    retrieved 2026-10-08T17:51:24Z

  • PZ Cussons Nigeria Plc Annual report, consolidated and separate financial statements 31 May 2025

    Year ended 31 May 2025 · Annual report · signed / final

    Audit: PricewaterhouseCoopers (Chartered Accountants), unmodified opinion · signed

    Auditor's sign-off: Osere Alakhume, engagement partner, for PricewaterhouseCoopers

    Final status: Independent auditor's report of PricewaterhouseCoopers to the members of PZ Cussons Nigeria Plc (unmodified opinion PDF p20) closes on PDF p22 with the handwritten signature of Osere Alakhume (FRC/2013/PRO/ICAN/004/00000000647), for PricewaterhouseCoopers, Lagos, dated 04 September 2025, with the ICAN stamp (page image). Statement of financial position (PDF p23, image page): approved by the board of directors on 02 September 2025 and signed by the chairman (Mrs. Ifueko M. Omogui Okauru), the chief executive officer (Mr Dimitris Kostianis) and the chief financial officer (Mr. Oludare Ebenezer Elusakin) with DocuSign electronic signatures (page image).

    Document date
    4 Sep 2025
    Auditor's report
    4 Sep 2025
    Board approval
    2 Sep 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 May 2025, FY to 31 May 2024
    Basis
    consolidated statements · NGN thousands (printed “In thousands of naira”)
    • In the text layer of p27 the label 'Net cash generated from operating activities' is held at the foot of the page, away from its row of figures (40,663,013; 2024: (108,030,424)); the render prints it on that row, so it is read as an unlabelled line after 'Income tax paid'.
    • Interest received is printed within investing activities and interest paid within financing activities (p27).
    • PDF p23 (statement of financial position) is an image with no text layer; read from OCR of the render and compared cell by cell with the render. The equity subtotal attributable to owners is printed without a label.
    • The 2024 columns of the statements of financial position, profit or loss and cash flows are headed '2024 Restated*' ('*Please refer to Note 41 for details on restatement').
    • EPS printed in naira (2.32; 2024 restated: (20.83), p24), basic and diluted on one line.
    Technical details
    File
    84 pages, with a text layer
    SHA-256
    bf205a49a186ebe4b9ec2e3d0ce59d0e1c2b513a7e998b69d2cb505364c48711
    Entity as printed
    PZ Cussons Nigeria Plc ('the company') and its subsidiary (together 'the group')
    Exchange copy
    retrieved 2026-10-08T17:52:20Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text; matched to OCR text and compared cell by cell with the page image; read from the page image) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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