Nigeria PZ Cussons Faces Negative Net Asset Crisis: Board Summons Key Meeting for Solutions

PZ Cussons Nigeria Plc has announced an extraordinary general meeting scheduled for March 30th in Abuja, addressing concerns over its negative net asset position as of the end of Q2, 2023/2024.

The company's unaudited financial results reveal a staggering after-tax loss of N74.14 billion, attributed to a significant foreign exchange loss of N87 billion due to the Naira's depreciation and a 6% reduction in volume.

With liabilities soaring to N178.0 billion, surpassing assets at N154.8 billion, the company faces a precarious financial situation. The Board emphasizes the impact of Naira depreciation and volume decrease on the operating loss, signaling potential future losses and urging stakeholders to address the critical issue at the forthcoming meeting.