PZ Cussons Nigeria Plc
Unaudited Condensed Interim Financial Statements
For the first quarter (Q1, 2025/26 ) ended 31 August 2025
Contents
Corporate information
Financial highlights
Consolidated statement of comprehensive income (Group) Consolidated statement of comprehensive income (Company) Consolidated statement of financial position
Statement of changes in equity Statement of cash flows
Notes to the consolidated financial statements
Paqe
1
2
3
4
5
6-7
8
9-21
Gorporate information
Board of Directors
Mrs. Ifueko M.Omoigui Okauru, MFR Mr. Dimitris Kostianis
Ms. Joyce F. Coker Mr. Kareem Moustafa Mallam Ballama Manu
Mrs. Oluwatoyin Odutayo
Dr Suleiman Abdu Ndanusa Mr. Richard Walker
Dr Anthony Ikemefuna Idigbe, SAN
Chief Financial Officer
Mr. Oludare Ebenezer Elusakin
Company Secretary
Alsec Nominees Limited
Registered Office
45/47 Town Planning Way
Ilupeju Industrial Estate
P.M.B. 21132
Ikeja
Registration Number RC 693
Registrars
First Registrars and Investors Service Limited Plot 2, Abebe Village Road
Iganmu Complex
P.M.B. 12692
Lagos
Independent Auditors PricewaterhouseCoopers Chartered Accountants FF Millenium Towers Ligali Ayorinde street Victoria Island, Lagos
Chairman, Non-Executive Director Chief Executive Officer
Executive Director
Non-Executive Director
Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Non-Executive Director
Non-Executive Director
Financial highlights
Group
Qtr ended, 31 Aug 2025 N'000 | Qtr ended, 31 Aug 2024 N'000 | % Change | |
Revenue | 59,014,505 | 39,989,441 | 48 |
Operating Profit/(Loss) | 21,592,835 | (4,099,927) | 627 |
Profit/(Loss) before taxation | 21,541,117 | (5,221,504) | 513 |
Taxation | (8,054,825) | 573,828 | (1,504) |
Profit/(Loss) after tax | 13,486,292 | (4,647,676) | 390 |
Non-controlling interest | 437,057 | (38,084) | 1,248 |
Profit/(Loss) attributable to equity holders of parent company | 13,049,235 | (4,609,593) | 383 |
13,486,292 | (4,647,676) | 390 | |
Qtr ended, 31 Aug 2025 H'000 | Year ended, 31 May 2025 t4'000 | ||
Share capital | 1,985,238 | 1,985,238 | |
Total equity | (3,854,865) | (17,341,157) | 78 |
EPS per 50k share Basic and diluted earnings per share (Naira) | 3.29 | (1.16) | 383 |
Based on 3,970,477, 045 ordinary shares of 50k each |
Revenue Cost of sales Gross profit
Selling and distribution expenses Impairment of trade receivables Administrative expenses
Foreign exchange profit/(loss) Other income
Operating profit/(loss)
Interest income Interest cost
Net interest expense
Profit/(Loss) before tax Income tax (expense)/credit Profit/(Loss) for the year
Total comprehensive income/(expense) for the year Attributable to
Equity holders of the parent company Non-controlling interest
Note
20
Group
1st Qtr ended | 1st Qtr ended |
31 Aug 2025 | 31 Aug 2024 |
f4'000 | |
t4'000 | |
59,014,505 | 39,989,441 |
(43,112,828) | (27,758,760) |
15,901,678 | 12,230,681 |
(5,656,732) | (3,648,485) |
(20,517) | 2,178 |
(4,372,665) | (3,649,412) |
3,565,981 | (9,278,014) |
12,175,089 | 243,125 |
21,592,835 | (4,099,927) |
169,071 | 247,092 |
(220,789) | (1,368,669) |
(51,718) | (1,121,577) |
(5,221,504) | |
21,541,117 | |
(8,054,825) | 573,828 |
(4,647,676) | |
13,486,292 | |
13,486,292 | (4,647,676) |
13,049,235 | (4,609,593) |
437,057 | (38,084) |
13,486,292 | (4,647,676) |
3.29 | (1.16) |
Basic and diluted earnings/(loss) per share (Naira)
The accompanying notes on pages 9 to 21 form an integral part of these financial statements.
Statement of profit or loss and other comprehensive incomeRevenue Cost of sales Gross profit
Selling and distribution expenses Impairment of trade receivables Administrative expenses
Foreign exchange profit Other income
Operating profit/(loss)
Interest income Interest cost
Net interest income
Profit/(loss) before tax Income tax (expense)/credit Profit/(loss) for the year
Total comprehensive income/(expense) for the year Attributable to
Equity holders of the parent company Non-controlling interest
Note
20
Company
1st Qtr ended | 1st Qtr ended |
31 Aug 2025 | 31 Aug 2024 |
H'000 | |
N'000 | |
35,980,169 | 24,243,387 |
(25,044,129) | (16,574,531) |
10,936,040 | 7,668,856 |
(4,003,347) | (2,518,173) |
(20,517) | (6,781) |
(4,172,604) | (3,487,536) |
2,992,943 | (7,425,960) |
12,230,453 | 287,054 |
17,962,967 | (5,482,539) |
233,124 | 365,134 |
(61,380) | |
233,124 | 303,754 |
18,196,091 | (5,178,785) |
(6,457,329) | 683,382 |
11,738,762 | (4,495,403) |
11,738,762 | (4,495,403) |
11,738,762 | (4,495,403) |
(4,495,403) | |
11,738,762 | |
2.96 | (1.13) |
Basic and diluted earnings/(Loss) per share (Naira)
The accompanying notes on pages 9 to 21 form an integral part of these financial statements.
Consolidated and separate statement of financial position as at 31 August 2025The Group | The Company | ||||||
31 Aug 2025 | 31 May 2025 | 31 Aug 2025 | 31 May 2025 | ||||
Notes | N'000 | N'000 | N'000 | N'000 | |||
Assets | |||||||
Non-current assets | |||||||
Property, plant and equipment | 2a | 17,740,385 | 18,063,354 | 15,953,378 | 16,212,238 | ||
Right-of-use assets | 2b | 11,516 | 1,321 | ||||
lntangibe Assets | 2c | 185,433 | 211,924 | 185,433 | 211,924 | ||
Investments in subsidiaries | 3 | 504,406 | 504,406 | ||||
Investment property | 4 | 873,031 | 879,714 | 873,031 | 879,714 | ||
Deferred Taxation | 17 | 24,402,551 | 27,777,193 | 14,394,847 | 16,805,439 | ||
Lease receivables | 21 | 2,596,811 | 2,540,788 | 2,596,811 | 2,540,788 | ||
Loan receivables | 5 | ||||||
34,507,906 | 37,155,830 | ||||||
Current assets | |||||||
Inventories | 6 | 69,371,494 | 53,497,584 | 47,915,250 | 33,769,517 | ||
Trade and other receivables | 7 | 21,472,873 | 12,335,805 | 29,650,107 | 20,601,123 | ||
Loan receivables | 5 | 3,000,000 | 3,263,234 | ||||
Other assets | 8 | 1,653,868 | 927,926 | 1,610,171 | 899,223 | ||
Deposits for imports | 9a | 13,652,407 | 10,920,180 | 13,661,652 | 10,913,889 | ||
Deliverable forwards | 9b | 37,734 | 63,088 | 5,188 | 5,186 | ||
Cash and cash equivalents | 10 | 30,623,653 | 40,659,864 | 26,727,181 | 38,166,207 | ||
136,812,029 | 118,404,447 | 122,569,551 | 107,618,381 | ||||
Assets held for sale | 24 | 876,218 | 1,013,414 | 876,218 | 1,013,414 | ||
Totai assets | 183,486,457 | 168,902,351 | 157,953,674 | 145,787,625 | |||
Equity | |||||||
Ordinary share capital | 11 | 1,985,238 | 1,985,238 | 1,985,238 | 1,985,238 | ||
Share premium | 6,878,269 | 6,878,269 | 6,878,269 | 6,878,269 | |||
Other reserves | 14,293,613 | 14,293,613 | 14,293,613 | 14,293,613 | |||
Retained earnings | (25,723,466) | (38,772,701) | (21,467,282) | (33,206,044) | |||
Equity attributable to equity holders of the company | (2,566,346) | (15,615,581) | 1,689,838 | (10,048,924) | |||
Non controlling interest | (1,288,519) | (1,725,576) | |||||
Total equity | (3,854,865) | (17,341,157) | 1,689,838 | (10,048,924) | |||
Liabilities | |||||||
Non-current liabilities | |||||||
Deferred income | 14b | 362,629 | 384,322 | 362,629 | 384,322 | ||
Provisions | 18 | 534,358 | 495,545 | ||||
896,987 | 879,867 | 362,629 | 384,322 | ||||
Current liabilities | |||||||
Trade and other payables | 13 | 116,534,775 | 105,147,429 | 94,685,653 | 84,492,939 | ||
Borrowings | 15 | 58,365,235 | 71,267,620 | 50,965,235 | 63,867,620 | ||
Lease liability | 2b | 11,516 | 1,321 | ||||
Deferred income | 14b | 406,762 | 536,057 | 406,762 | 536,057 | ||
Contract liabilities | 14a | 451,375 | 2,394,584 | 429,025 | 1,186,496 | ||
Current taxation payable | 16 | 10,573,434 | 5,893,251 | 9,414,531 | 5,367,794 | ||
Provisions | 18 | 112,753 | 113,184 | ||||
186,444,336 | 185,363,641 | 155,901,207 | |||||
Total liabilities | 187,341,323 | 186,243,508 | 156,263,836 | 155,836,549 | |||
Net equity and iiaDiiities | 183,486,457 | 168,902,351 | 157,953,674 | 145,787,625 | |||
Mr. Ebenezer
The 1st quarter (Q1, 2025/26) unaudited financial statements were approved and authorised for issue by the Board of Directors on 29 September 2025 and signed on its behalf by:
Mr. Dimitris Kostianis
Chief Executive Officer FRC/2023/PRO/DIR/003/204573
The notes on pages 9 to 20 are an integral part of these financial statements
Chief Financial Officer FRC/2024/PRO/ICAN/001/236689
Consolidated and separate statement of changes in equity
The Group
Attributable to owners of the company
Share capital | Share premium | Retained earnings | Non controlling interest | Other reserves | Total | ||
N'000 | R'000 | l'000 | N'000 | N'000 | N'000 | ||
At 1 June 2024 | 1,985,238 | 6,878,269 | (48,079,290) | (2,584,665) | 14,293,613 | (27,506,835) | |
Profit for the year | 9,207,630 | 859,089 | 10,066,719 | ||||
Total comprehensive income for the year | 9,207,630 | 859,089 | 10,066,719 | ||||
Transactions with owners: | |||||||
Unclaimed dividend forfeited | 98,959 | ||||||
Total transaction with owners | 98,959 | ||||||
At 31 May 2025 | 1,985,238 | 6,878,269 | (38,772,701) | (1,725,576) | 14,293,613 | (17,341,157) | |
At 1 June 2025 | 1,985,238 | 6,878,269 | (38,772,701) | (1,725,576) | 14,293,613 | (17,341,157) | |
Profit for the period | 13,049,235 | 437,057 | 13,486,292 | ||||
Tot comprehensive income for the period | 13,049,235 | 437,057 | 13,486,292 | ||||
Transactions with owners: Unclaimed dividend forfeited | |||||||
Tot transaction with owners | |||||||
At 31 Aug 2025 | 1,985,238 | 6,878,269 | (25,723,466) | (1,288,519) | 14,293,613 | (3,854,865) | |
At 31 Aug 2024 | 1,985,238 | 6,878,269 | (38,395,270) | (2,622,749) | (32,154,511) |
Statement of changes in equity
Company
Attributable to owners of the company
Non
Share Retained controlling
Share capital premium earnings interest Other reserves N'000 N'000 N'000 N'000 N'000
Total
N'000
At 1 June 2024 Profit for the year
Tot comprehensive income for the year Transactions with owners:
Tot transaction with owners
98,959
Unclaimed dividend forfeited
At 31 May 2025
At 1 June 2025 Profit for the year
Total comprehensive income for the year
Tot transaction with owners
Transactions with owners: Unclaimed dividend forfeited
At 31 Aug 2025
At 31 Aug 2024
1,985,238 6,878,269 (39,903,819)
6,598,816
6,598,816
98,959
1,985,238 6,878,269 (33,206,044)
1,985,238 6,878,269 (33,206,044)
11,738,762
11,738,762
1,985,238 6,878,269 (21,467,282)
1,985,238 6,878,269 (30,105,609)
14,293,613 (16,746,699)
6,598,816
6,598,816
14,293,613 (10,048,924)
14,293,613 (10,048,924)
11,738,762
11,738,762
14,293,613 1,689,838
(21,242,102)
Foreign exchange gains on cash and cash equivalents Cash and cash equivalents at the end of the year
Consolidated and separate statement of cash flowsThe Group
The Company
Qtr Ended 31 | Year Ended | Qtr Ended 31 | Year Ended | ||
Aug 2025 | 31 May 2025 | Aug 2025 | 31 May 2025 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
Cash flows from operating activities | |||||
Cash generated from operations | 19 | (12,462,478) | 41,033,907 | (13,840,330) | 16,432,467 |
Taxation | (370,894) | ||||
Net cash flow generated from operating activities | (12,462,478) | 40,663,013 | (13,840,330) | 16,432,467 | |
Gash fiows from investing activities | |||||
Interest received | 169,071 | 1,323,264 | 233,124 | 1,723,778 | |
Loan receivables | 458,901 | ||||
Purchase of property, plant and equipment | 2a | (232,449) | (4,992,405) | (232,449) | (4,441,093) |
Proceeds from sale of property, plant and equipment | 12,046,838 | 6,778 | 12,046,838 | 2,648 | |
Net cash used in investing activities | 11,983,460 | (3,662,363) | 12,047,512 | (2,255,766) | |
Cash flows from financing activities | |||||
Borrowing from related parties | 15 | 2,900,000 | 263,233 | ||
Repayment of borrowing | (10,718,677) | (24,731,616) | (10,718,677) | (1,108,447) | |
Interest Expense | (220,789) | (3,632,761) | (46,494) | ||
Unclaimed dividend forfeited(Statute barred) | - | 98,959 | 98,959 | ||
Lease payment | (96,121) | (65,097) | |||
Net cash flow used in financing activities | (10,939,466) | (25,461,539) | (10,455,444) | (1,121,079) | |
Net increase in cash, cash equivalents and bank overdrafts | (11,418,485) | 11,539,111 | (12,248,262) | 13,055,622 | |
Cash and cash equivalents at the beginning of the year | 40,659,864 | 28,869,338 | 38,166,207 | 24,896,732 | |
1,382,274 | 251,415 | 809,236 | 213,853 |
30,623,653 | 40,659,864 | 26,727,181 | 38,166,207 |
Unaudited interim financial statements for first quarter(Q1,2025/26) ended 31 Aug 2025
Notes to the condensed interim financial statements1 General information The Group
PZ Cussons Nigeria Plc is a Company incorporated in Nigeria on 4 December 1948 under the name of P.B. Nicholas and Company Limited. The name was changed to Alagbon Industries Limited in 1953 and to Associated Industries Limited in 1960. The Company became a public Company in 1972 and was granted a listing on the Nigerian Stock Exchange. The name was changed to Paterson Zochonis Industries Limited on 24 November 1976 and in compliance with the Companies and Allied Matters Act, it changed its name to Paterson Zochonis Industries Plc on 22 November 1990. On 21 September, 2006, the Company adopted its present name of PZ Cussons Nigeria Plc.
The principal activities of the Group are the manufacturing, distribution and sale of a wide range of consumer products and home appliances through owned distribtion centres or facilities. These products are leading brand names throughout the country in detergents, soaps, cosmetics, refrigerators, freezers and air-conditioners. The Group also help facilitates the distribution of the products of Harefield Industrial Nigeria Limited, a related entity.
The address of the registered office is 45/47 Town Planning Way, Ilupeju, Lagos.
The condensed interim consolidated and separate financial statements are presented in Nigerian Naira which is the functional currency of the primary economic environment in which the Group operates. The financial statements have been rounded to the nearest thousands.
These consolidated and separate financial statements comprises that of the Group and the stand alone financial statements of the parent company.
Significant accounting policiesThe Group and Company's interim financial statements for the quarter ended 31 Aug 2025 have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (together "IFRS Standards") and requirements of the Companies and Allied Matters Act (CAMA),2020 and the Financial Reporting Council (FRC) of Nigeria Act, 2011.
Basis of preparation
These condensed consolidated and separate interim financial statements for the three months ended 31 August 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group and Company's last annual consolidated and separate financial statements as at and for the year ended 31 May 2025 ("last annual consolidated and separate financial statements"). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group and Company's financial position and performance since last annual consolidated and separate financial statements.
Basis of consolidation
The Group condensed interim financial statements incorporate the financial statements of the Company and its subsidiaries over whom it has control, made up to 31 August 2025. Control is achieved where the investor; (i) has power over the investee entity (ii) is exposed, or has rights, to variable returns from the investee entity as a result of its involvement, and (iii) can exercise some power over the investee to affect its returns.
The Company reassesses whether or not it still controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
Notes to the condensed interim financial statements
2a. Property, plant and equipment
Group | ||||||
2025/26 | ||||||
Leasehold land | Plant and | Office & IT | Motor | Capital Work | ||
COSt | and buildings | Machinery | equipments | vehicles | in progress | Total |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 June 2025 | 12,007,884 | 27,616,280 | 4,875,422 | 1,118,231 | 1,925,276 | 47,543,093 |
Additions | 232,449 | 232,449 | ||||
Transfers | 72,103 | 1,319,701 | 16,792 | 278,582 | (1,687,178) | |
At 31 Aug 2025 | 12,079,987 | 28,935,981 | 4,892,214 | 1,396,813 | 470,547 | 47,775,542 |
Depreciation | ||||||
At 1 June 2025 | 3,686,938 | 21,728,915 | 3,769,449 | 294,437 | 29,479,739 | |
Charge for the year | 71,628 | 327,233 | 83,459 | 73,098 | 555,418 | |
Reclassifications to investment Properties | (127,080) | 127,080 | ||||
At 31 Aug 2025 | 3,758,566 | 21,929,068 | 3,979,988 | 367,535 | 30,035,157 | |
Net book values | ||||||
At 31 Aug 2025 | 8,321,421 | 7,006,913 | 912,226 | 1,029,278 | 470,547 | 17,740,385 |
2024/25 | ||||||
Leasehold land | Plant and | Office & IT | Motor | Capital Work | ||
COSt | and buildings | Machinery | equipments | vehicles | in progress | Total |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 June 2024 | 11,662,100 | 26,135,202 | 4,044,366 | 491,575 | 389,072 | 42,722,315 |
Additions | 4,992,405 | 4,992,405 | ||||
Transfers | 375,418 | 1,607,193 | 846,935 | 626,655 | (3,456,201) | |
Reclassifications | (970) | 965 | 5 | 1 | 1 | |
Reclassifications to assets held for sale | (28,664) | (28,664) | ||||
Disposals | (127,080) | (15,884) | (142,964) | |||
At 31 May 2025 | 12,007,884 | 27,616,280 | 4,875,422 | 1,118,231 | 1,925,276 | 47,543,093 |
Depreciation | ||||||
At 1 June 2024 | 3,455,812 | 20,605,052 | 3,550,009 | 134,658 | 27,745,531 | |
Charge for the year | 241,651 | 1,096,500 | 235,127 | 159,779 | 1,733,057 | |
Reclassifications to assets held for sale | (12,039) | (12,039) | ||||
Impairments | 1,514 | 154,443 | (49) | 155,908 | ||
On Disposals | (127,080) | (15,638) | (142,718) | |||
At 31 May 2025 | 3,686,938 | 21,728,915 | 3,769,449 | 294,437 | 29,479,739 | |
Net book values | ||||||
At 31 May 2025 | 8,320,946 | 5,887,365 | 1,105,973 | 823,794 | 1,925,276 | 18,063,354 |
Notes to the condensed interim financial statements
Company
2025/26 | ||||||
Leasehold land | Plant and | Office & IT | Motor | Capital Work | ||
COSt | and buildings | Machinery | equipments | vehicles | in progress | Total |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 June 2025 | 10,836,017 | 25,721,497 | 4,343,335 | 776,638 | 1,925,276 | 43,602,763 |
Additions | 232,449 | 232,449 | ||||
Transfers | 72,104 | 1,319,701 | 16,792 | 278,582 | (1,687,178) | |
At 31 Aug 2025 | 10,908,121 | 27,041,198 | 4,360,126 | 1,055,220 | 470,547 | 43,835,212 |
Depreciation | ||||||
At 1 June 2025 | 3,514,321 | 20,220,387 | 3,449,073 | 206,744 | 27,390,525 | |
Charge for the year | 64,613 | 299,097 | 73,865 | 53,734 | 491,309 | |
At 31 Aug 2025 | 3,578,934 | 20,519,484 | 3,522,938 | 260,478 | 27,881,834 | |
Net book values | ||||||
At 31 Aug 2025 | 7,329,187 | 6,521,714 | 837,188 | 794,742 | 470,547 | 15,953,378 |
2024/25 | ||||||
Leasehold land | Plant and | Office & IT | Motor | Capital Work | ||
COSt | and buildings | Machinery | equipments | vehicles | in progress | Total |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 June 2024 | 10,489,266 | 24,283,182 | 3,683,671 | 357,784 | 389,071 | 39,202,974 |
Additions | 4,441,093 | 4,441,093 | ||||
Transfers | 375,415 | 1,438,315 | 672,304 | 418,854 | (2,904,888) | |
Reclassifications to assets held for sale | (28,664) | (28,664) | ||||
Disposals | (12,640) | (12,640) | ||||
At 31 May 2025 | 10,836,017 | 25,721,497 | 4,343,335 | 776,638 | 1,925,276 | 43,602,763 |
Depreciation | ||||||
At 1 June 2024 | 3,311,252 | 19,085,234 | 3,252,631 | 81,784 | 25,730,901 | |
Charge for the year | 213,594 | 992,662 | 207,481 | 124,960 | 1,538,697 | |
Reclassifications to assets held for sale | (12,039) | (12,039) | ||||
Impairments | 1,514 | 142,491 | (49) | 143,956 | ||
On disposals | (10,990) | (10,990) | ||||
At 31 May 2025 | 3,514,321 | 20,220,387 | 3,449,073 | 206,744 | 27,390,525 | |
Net book values | ||||||
At 31 May 2025 | 7,321,696 | 5,501,110 | 894,262 | 569,894 | 1,925,276 | 16,212,238 |
Notes to the condensed interim financial statements
2b. Right-of-use asset
The Group The Company
Cost Opening Balance Additions | Q1, 2025/26 N'000 795,847 | 2024/25 N'000 795,847 |
Opening Balance | 795,847 | 795,847 |
Q1, 2025/26 | 2024/25 |
N'000 | N'000 |
585,298 | 585,298 |
585,298 | 585,298 |
Accumulated Amortizations
Opening Balance Charge for the year | 784,331 11,516 | 688,210 96,121 |
Closing charge | 795,847 | 784,331 |
583,977 1,321 | 518,880 65,097 |
585,298 | 583,977 |
Carryinq amount
1,321 11,516The Group The Company
Lease liability Opening balance Additions Payments | Q1, 2025/26 N'000 11,516 (11,516) | 2024/25 N'000 107,637 (96,121) | Q1, 2025/26 N'000 1,321 (1,321) | 2024/25 N'000 66,418 (65,097) |
Closing charge | 11,516 | 1,321 |
Non Current Current | 11,516 | 1,321 | ||
Total | 11,516 | 1,321 |
The Group has a motor vehicle lease arrangement which has ran out. The leases of motor vehicle are mainly for 3 years with an option to renew. The interest amount in the lease arrangement was not disclosed as it is immaterial and not considered to have a significant impact on the financial statements.
2s. Intangible asset
The Group The Company
Cost Opening Balance Additions | Q1, 2025/26 N'000 1,059,618 | 2024/25 N'000 1,059,618 | |
Opening Balance | 1,059,618 | 1,059,618 | |
Accumulated Amortizations | 847,694 26,491 | 741,732 105,963 | |
Opening Balance Charge for the year | |||
Closing charge | 874,185 | 847,694 | |
Carrying amount | |||
185,433 | 211,924 | ||
Q1, 2025/26 | 2024/25 |
N'000 | N'000 |
1,059,618 | 1,059,618 |
1,059,618 | 1,059,618 |
847,694 | 741,732 |
26,491 | 105,963 |
874,185 | 847,694 |
185,433 | 211,924 |
The Group's intangible asset is non-current and has finite useful life. It is amortised over 10 years in line with its accounting policy. The intangible asset represents cost of Enterprise Resource programme package (SAP) deployed.
Notes to the condensed interim financial statements
The Company
3. Investments in subsidiaries | Q1,2025/26 | 2024/25 |
N'000 | N'000 | |
The Company | ||
At 31 May Additions | 504,406 | 504,406 |
Total | 504,406 | 504,406 |
There are no restrictions in transfer of funds within the entities in the group Principal investments
Investment Amount
Proportion Proportion of of shares shares held by
held NCI
HPZ Limited
TotalInvestment property
The Group
N'000 504,406
504,406% 74.99
74.99The Company
% 25.01
25.01Cost
Opening Balance
Transfers to Assets held for sale
Q1, 2025/26
N'000 1,490,371
-
2024/25
N'000 3,099,171
(1,608,800)
Opening Balance
1,490,371
1,490,371
Accumulated Amortizations
610,657
6,683
1,162,240
60,428
(612,011)
Opening Balance Charge for the year
Transfers to Assets held for sale
Closing charge
617,340
610,657
Carrying amount
873,031
879,714
Q1, 2025/26
2024/25
N'000
N'000
1,490,371
3,099,171
-
(1,608,800)
1,490,371
1,490,371
610,657
1,162,240
6,683
60,428
(612,011)
617,340
610,657
873,031
879,714
In line with IAS 40, the Group continues to recognise certain assets as investment properties. These properties are not currently used by the business, and some of them have been leased in the short term. However, some of these properties have been reclassifed and recognised as 'Assets held for sales' following confirmed intention to sell them; and their availability for immediate sale and disposal within 12 months is highly probable. The fair value of the investment properties is estimated at N13.91 billion as 31 May 2025(31 May 2024: N27.56 billion)
Notes to the condensed interim financial statements
Loan receivables
The loan receivables relates to short-term advances amounting to N14.5 billion at an interest rate of 12% per annum.
The Group The Company
Opening Balance Addition
Interest earned
Repayment
Q1, 2025/26
N'000
2024/25
N'000
-
-
-
-
Closing balance
Q1, 2025/26
N'000
2024/25
N'000
3,263,234
3,722,135
14,500,000
92,141
572,452
(355,374)
(15,531,353)
3,000,000
3,263,234
3,000,000
3,263,234
3,000,000
3,263,234
Non- Current Current
Total
Inventories
The Group The Company
Q1, 2025/26 N'000 | 2024/25 N'000 | |
Raw materials and consumables | 22,303,933 | 21,041,881 |
Finished goods and goods for resale | 22,566,518 | 19,448,826 |
Engineering spares and other stocks | 2,122,815 | 2,147,836 |
Goods in transit | 22,378,228 | 10,859,041 |
Total | 69,371,494 | 53,497,584 |
Q1, 2025/26 N'000 | 2024/25 N'000 |
22,036,544 | 18,544,812 |
14,158,352 | 10,928,632 |
1,897,645 | 1,914,057 |
9,822,710 | 2,382,016 |
47,915,250 | 33,769,517 |
7a. Trade and other receivables
Group Company
Receivables due within one year: | Q1, 2025/26 N'000 | 2024/25 N'000 |
Trade receivables Less: provision for impairment of trade receivables | 10,769,551 (253,126) | 7,128,899 (243,532) |
Net trade receivables | 10,516,426 | 6,885,367 |
Receivables from subsidiary companies | - | |
Receivables from related party companies | 6,471,399 | 1,502,793 |
WHT credit note receivable | 1,270,709 | 1,221,990 |
Other receivables | 3,214,339 | 2,725,655 |
Total | 21,472,873 | 12,335,805 |
Q1, 2025/26 N'000 | 2024/25 N'000 |
7,360,108 (81,104) | 4,743,497 (71,511) |
7,279,004 | 4,671,986 |
11,788,315 | 11,213,054 |
6,338,721 | 1,485,846 |
1,058,732 | 1,012,838 |
3,185,335 | 2,217,399 |
29,650,107 | 20,601,123 |
Notes to the condensed interim financial statements
7b. Trade and other receivables continued
The Group The Company
Q1, 2025/26 | 2024/25 | |
N'000 | N'000 | |
Movements in the provision for impairment of trade | ||
receivables are as follows: | ||
Opening | (243,532) | (393,976) |
Provision for receivables impairment | (9,593.7) | (203,559) |
Receivables written off during the year | - | 354,003 |
Closing | (253,126) | (243,532) |
Q1, 2025/26 | 2024/25 |
K'000 | N'000 |
(71,511) | (306,784) |
(9,593) | (87,377) |
322,650 | |
(81,104) | (71,511) |
All trade receivables are denominated in Nigerian Naira.
The credit risk of customers is assessed at a subsidiary and Group level, taking into account their financial positions, past experiences and other factors. Individual customer credit limits are applied based on these factors.
The credit period taken on sales ranges from 15 to 30 days due to the differing nature of trade receivables in the Group's segments.
8. Other current assets
The Group The Company
Prepayments Advance to Distributors & Suppliers | Q1, 2025/26 N'000 1,594,347 59,521 | 2024/25 N'000 840,272 87,654 |
1,653,868 | 927,926 |
Q1, 2025/26 | 2024/25 |
N'000 | N'000 |
1,572,820 | 811,569 |
37,352 | 87,654 |
1,610,171 | 899,223 |
The Group The Company
Q1, 2025/26 | 2024/25 | |
N'000 | N'000 | |
Non-Current | ||
Current | 1,653,868 | 927,926 |
Total | 1,653,868 | 927,926 |
Q1, 2025/26 | 2024/25 |
N'000 | N'000 |
1,610,171 | 899,223 |
1,610,171 | 899,223 |
9a. Deposits for imports
The Group The Company
Deposits for Letters of credits | Q1, 2025/26 N'000 13,652,407 | 2024/25 N'000 10,920,180 |
13,652,407 | 10,920,180 |
Q1, 2025/26 | 2024/25 |
N'000 | N'000 |
13,661,652 | 10,913,889 |
13,661,652 | 10,913,889 |
Deposits for letters of credit represents committed cash no longer available for another purpose other than that for which it has been designated for. They represent naira deposits for foreign currencies purchased for the funding of letters of credit, all related to settlement of invoices emanating from importation of raw materials, spare parts and machinery.
9b. Deliverable forwards
The Group The Company
Deliverable forwards | Q1, 2025/26 N'000 37,734 | 2024/25 N'000 63,088 |
37,734 | 63,088 |
Q1, 2025/26 | 2024/25 |
N'000 | N'000 |
5,188 | 5,188 |
5,188 | 5,188 |
Deliverable forwards represent Naira deposits for foreign currencies purchased for funding of forwards, all related to settlement of invoices emanating from importation of raw materials, spare paM and machinery. The deliverable forwards was measured at cost.
10. Cash and cash equivalents
The Group The Company
Q1, 2025/26 | 2024/25 | |
N'000 | N'000 | |
Cash at bank | 30,309,549 | 39,216,396 |
Restricted cash* | 314,104 | 1,443,468 |
Cash and cash equivalents | 30,623,653 | 40,659,864 |
Q1, 2025/26 | 2024/25 |
N'000 | N'000 |
26,413,077 | 36,722,739 |
314,104 | 1,443,468 |
26,727,181 | 38,166,207 |
* Restricted cash relates to cash at Bank and short-term deposits with FBN. This amount represents unclaimed dividends refunds received from First Registrar and it is repayable on demand. The sum of N1.02 billion was transferred during the quarter to the FIRS dedicated account based on SEC directives in line with the Finance Act
Unaudited interim financial statements for first quarter(Q1,2025/26) ended 31 Aug 2025
Notes to the condensed interim financial statements
11. Ordinary share capital
Group and company | Q1, 2025/26 | |
Number in thousands | Amount N'000 | |
Ordinary shares of 50k each Total issued share capital | 3,970,478 3,970,478 | 1,985,238 1,985,238 |
Allohed, called up and fully paid: Ordinary shares of 50k each | 3,970,478 | 1,985,238 |
Total called up share capital | 3,970,478 | 1,985,238 |
Group and company Full Year 2024/2025
Number in thousands | Amount N'000 | |
Ordinary shares of 50k each | 3,970,478 | 1,985,238 |
Total issued share capital | 3,970,478 | 1,985,238 |
Allotted, called up and fully paid: Ordinary shares of 50k each | 3,970,478 | 1,985,238 |
Total called up share capital | 3,970,478 | 1,985,238 |
12. Related party transactions | ||
12.1 Group and Company |
The Group and Company are controlled by PZ Cussons (Holdings) Limited, incorporated in the UK, which owns 73.27% (2025: 73.27%) of the group and company's shares. The remaining 26.73% (2025: 26.73%) of the shares are widely held. The Group's parent is PZ Cussons (Holdings) Limited (incorporated in the UK).
All intercompany trading balances are settled in cash. There was no provision for doubtful related party receivables at 31 Aug 2025 (31 Aug 2024: Nil); and no charges to the income statement in respect of doubtful related party receivables for the years then ended.
The Company controls a subsidiary called HPZ Ltd which is domiciled in Nigeria (Note 3). Other related entities are PZ Cussons (International) Limited (UK}, Seven Scent Limited (UK), PZ Cussons Singapore Private Limited, PT PZ Cussons Indonesia, PZ Cussons (Thailand) Limited, PZ Cussons Ghana Limited, PZ Cussons (East Africa) Limited, Harefield Indusrial Nigeria Limited and PZ Wilmar Limited.
13. Trade and other payables
Group Company
Q1, 2025/26 N'000 | 2024/25 f4'000 | |
Trade payables | 9,740,397 | 8,205,534 |
Unclaimed Dividend | 1,451,940 | 1,512,916 |
Accruals | 13,323,221 | 14,643,574 |
Amounts owed to related parties | 88,543,457 | 80,262,675 |
Sundry creditors | 3,475,759 | 522,730 |
Total | 116,534,775 | 105,147,429 |
Q1, 2025/26 N'000 | 2024/25 N'000 |
9,613,129 | 7,190,776 |
1,451,940 | 1,512,916 |
9,567,544 | 10,788,337 |
71,321,486 | 64,642,014 |
2,731,553 | 358,896 |
94,685,653 | 84,492,939 |
Trade and other payables comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider the carrying amount of trade and other payables to approximates their fair value.
Notes to the condensed inteñm financial statements
Group Company
Q1, 2025/26 | 2024/25 | |
Advance from customers(Contract liabilities) | 451,375 | 2,394,584 |
451,375 | 2,394,084 |
Q1, 2025/26 | 2024/25 |
429,025 | 1,186,496 |
429,025 | 1,186,496 |
Contract liabilities relates to income received from customers for which goods are yet to be supplied. Revenue is recognised when oontrol of the goods has transferred to the customer, being at the point the goods are received or collected by the customer. When the customer initially purchases the goods, the transaction price received at that point by the Group is recognised as contract liability until the goods have been received by the customer
Group Company
Non-Current Current | O1,202U26 | 202€28 |
451,375 | 2,394,584 | |
451,375 | 2,394,084 |
O1,202V26 | 202€28 |
429,025 | 1,186,496 |
429,025 | 1,186,496 |
202€28
920,379
769,391
O1,202V26
14b Deferred Income
Group Company
Rent income received in advance | O1,202U26 769,391 | 202€28 920,379 |
Non current payables relates to rent received from third parties with respect to PZ Cussons Nigeria Plc warehouses.
Group Company
Non-Current Current | O1,202U26 | 202€28 |
362,629 406,762 | 384,322 536,057 | |
O1,202V26 | 202€28 |
362,629 | 384,322 |
406,762 | 536,057 |
15 Borrowings
202€28
63,867,620
-
-
50,965,235
-
-
O1,202V26
Group Company
O1,202U26 | 202€28 | |
Borrowing from parent company(Non current) Borrowing from related company - Harefield Ind Nigeria Ltd (Current) Borrowing from related company - Nutricima Ltd (Current) Trade obligaton with banks(Current) | 50,965,235 5,000,000 2,400,000 | 63,867,620 5,000,000 2,400,000 |
15a Borrowing from parent company
Borrowing relates to loan received from ultimate parent company - PZ Cussons (Holding) Limited, UK, in July 2022 based on agreement signed in June 2022. The facility amount is $40.26 million and it is non-interest bearing.
Group Company
Opening Balance Additions Foreign currency revaluation adjustment Payment | O1,202U26 | 202€28 |
63,867,620 (2,183,707) (10,718,677) | 59,833,113 4,034,507 - | |
Closing Balance | 50,965,235 | 63,867,620 |
O1,202V26 | 202€28 |
63,867,620 | 59,833,113 |
(2,183,707) | 4,034,507 |
(10,718,677) | - |
50,965,235 | 63,867,620 |
15b Trade obligaton with banks
The Company was involved in trade financing arrangements with some local banks where the banks agreed to pay amounts to foreign vendors in respect of invoices owed by the Company and received settlement from the Company at a later date. The principal purpose of the arrangements was to facilitate efficient payment processing in view of the challenges experienced with sourcing foreign currency in the Nigerian market. The arrangement enabled the Company to settle its foreign obligations in a timely manner to facilitate receipt of key input materials required in the production of finished goods. The facilities have been fully settled as at end of the 2025 financial year
Group Company
Opening Balance Additions Accrued interest and interest charged Payments | O1,202U26 | 202€28 |
- - - | 24,731,616 2,789,743 (27,521,359) | |
Closing Balance |
O1,202V26 | 202€28 |
- | 1,108,447 |
- | 45,771 |
- | (1,154,218) |
16. Taxation
Group
Company
Current tax payable | Q1,2025/26 N'000 | 2024f25 N'000 | Q1,2025/26 N'000 | 2024f25 N'000 |
At 1 June | 5,893,251 | 2,448,803 | 5,367,794 | 1,898,064 |
Charge for the year & CGT | 1,190,964 | 4,705,212 | 1,190,964 | 4,228,642 |
Prior year adjustment | 3,489,219 | (115,982) | 2,855,773 | (129,377) |
WHT Utilsed during the year | (773,888) | (629,535) | ||
Payment during the year | - | (370,894) | ||
Closing balance | 10,573,434 | 5,893,251 | 9,414,531 | 5,367,794 |
17. Deferred taxation | |||
The Group | Property plant | ||
and equipment | Provisions | Total | |
N'000 | N'000 | N'000 | |
At 1 June 2024 | (896,732) | (28,885,068) | (29,781,800) |
Charge to income statement | 1,417,394 | 587,213 | 2,004,607 |
At 31 May 2025 | 520,662 | (28,297,855) | (27,777,193) |
Charge to income statement | 3,374,642 | 3,374,642 | |
At 31 Aug 2025 | 520,662 | (24,923,213) | (24,402,551) |
The Company | Property plant | ||
and equipment | Provisions | Total | |
N'000 | N'000 | N'000 | |
At 1 June 2024 | 2,508,152 | (19,410,639) | (16,902,488) |
Charge to income statement | 1,047,273 | (950,224) | 97,049 |
At 31 May 2025 | 3,555,425 | (20,360,863) | (16,805,439) |
Charge to income statement | 2,410,592 | 2,410,592 | |
At 31 Aug 2025 | 3,555,425 | (17,950,271) | (14,394,847) |
The Group | The Company | ||
N'000 | N'000 | ||
Deferred tax assets Deferred tax Liabilities | (24,402,551) | (14,394,847) | |
(24,402,551) | (14,394,847) | ||
There was no offset of deferred tax assets and deferred tax liabilities. | |||
18. Provisions | |||
The Group
Warranty provisions Opening Balance Charged to the income statement Utilised in the year | Q1, 2025/26 N'000 | Full Year 2025 N'000 |
608,729 67,093 (28,711) | 324,453 316,133 (31,856) | |
Closing Balance | 647,111 | 608,729 |
The ageing of the provisions are as follows: Within 12 months Greater than 12 months | 112,753 534,358 | 113,184 495,545 |
Total | 647,111 | 608,729 |
Warranty provisions
The Group generally offers 1 to 3 years warranties for its electrical products and components. The related provision for future warranty claims is based on historical warranty claim information, as well as recent trends. Factors that could impact the estimated claim information include the success of the Group's productivity and quality initiatives, as well as spare parts and labour costs.
Notes to the condensed interim financial statements
Cash generated from operating activities
Group
Company
Cash flows from operating activities
Q1, 2025/26
N'000
21,541,117
555,418
11,516
6,683
26,491
20,517
(11,909,641)
(1,382,274)
(2,183,707)
220,789
(169,071)
Year Ended 31
May 2025
N'000
16,660,555
1,733,058
96,121
60,428
105,962
-155,908
(6,532)
(251,415)
4,034,507
3,632,761
(1,370,783)
24,850,570
4,672,299
800,322
2,781,745
4,455,347
(407,505)
1,701,917
284,276
(12,652,136)
14,547,072
41,033,907
Profit before taxation
Adjustment to reconcile net income to cash provided:
Depreciation of property, plant & equipment
Depreciation - right of use assets
Depreciation of investment property
Amortization charge
Impairment of trade receivables
Impairment of property, plant & equipment
(Profit)/loss on disposal of fixed assets
Unclaimed dividend forfeited
Effect of foreign exchange rate changes in cash
Effect of foreign exchange rate changes in on borrowing
Interest expense
Interest income
6,737,837
Changes in assets and liabilities in:
Trade and other receivables
(9,193,090)
Other assets
(588,746)
Deposit for imports
(2,732,227)
Deliverable forwards
25,354
Deferred Income
(150,988)
Contract liabilities
(1,943,209)
Warranty provisions
38,382
Inventories
Borrowings
(15,873,910)
Trade and other payables
11,218,118
Cash flows from operating activities
(12,462,478)
Year Ended 31
Q1, 2025/26
May 2025
N'000
N'000
18,196,091
10,795,130
491,309
1,538,698
1,321
65,097
6,683
60,428
26,491
105,962
20,517
143,956
(11,909,641)
(998)
(809,236)
(213,853)
(2,183,707)
4,034,507
-
46,494
(233,124)
(1,771,297)
3,606,703
14,804,124
(9,105,007)
(6,159,508)
(573,752)
801,692
(2,747,763)
(3,700,350)
.
1,598,214
(150,988)
(407,505)
(757,471)
533,049
.
(14,145,733)
(5,558,345)
10,033,681
14,521,096
(13,840,330)
16,432,467
Other incomes
Group Company
Q1, 2025/26
Q1, 2024/25
Rental income
t4'000 210,165
N'000 243,125
Profit on disposal of fixed asset"
11,909,641
Scrap sales & Sundry Income
55,282
12,175,089
243,125
Q1, 2025/26
Q1, 2024/25
N'000
N'000
265,900
287,054
11,909,641
54,911
12,230,453
287,054
Q1, 2025/26
2024/25
N'000
N'000
2,540,788
2,493,369
56,023
393,213
(345,795)
2,596,811
2,540,788
* This arose from the sale of 3 properties from among those disdosed as Assets held for sales as at 31 May 2025
Lease receivable
Opening Balance Additions Interest earned Payment
Closing Balance
Non-current portion Current portion
Group
Company
Q1, 2025/26
2024/25
N'000
N'000
2,540,788
2,493,369
56,023
393,213
(345,795)
2,596,811
2,540,788
2,540,788
2,540,788
2,596,811
2,596,811
2,596,811 | 2,540,788 |
2,596,811 | 2,540,788 |
In order to optimise the use of the assets, PZ Cussons Nigeria Plc entered into an agreement with UGEE Chemicals Limited (UGEE) in April 2024 to lease the Detergent Tower and assets related to them. UGEE is an existing detergent manufacturer and wishes to expand their capacity. The lease agreement contains both finance and operating lease components. Ownership of certain leased assets will be transferred to the lessee freed oost at the end of the lease, these assets are classified as a finance lease; the remainder of the assets remain under PZ ownership and are dassified as an operating lease.
The lease has been accounted for as a finance lease in line with the provisions of IFRS 16. The lease term is for a period of 10 years after which ownership transfers to the lessee. Set out above is the carrying amount of the net investment in lease and the movements during the year:
Notes to the condensed interim financial statements
Events after reporting date
There are no significant subsequent events, which could have had a material effect on the financial statements of the Group as at 31 Aug 2025 that have not been adequately provided for or disclosed in the financial statements.
Securities Trading Policy
In compliance with Rule 17.15 Disdosure of Dealings in Issuers' Shares, Rulebook of The Exchange 2015 (Issuers' Rule), PZ Cussons Nigeria Plc maintains a Security Trading Policy (Policy) which guides Directors, Audit Committee members, employees and all individuals categorized as insiders in relation to their dealings in the Company's shares. The Policy undergoes periodic review by the Board and is updated accordingly. The Company has made specific inquiries of all its Directors and other insiders and is not aware of any infringement of the Policy during the period.
Assets held for sale
At the close of the 2025 financial year, the management committed to a plan to sell some none core depot facilities across the country. Accordingly, these properties has been reclassified and presented as 'Asset held for sales' at a carrying amount of N1.783 billion as at 31 May 2025. The sales are expected to b concluded within the next 12 months.
Group Company
Q1, 2025/26
2024/25
N'000
N'000
Opening balance
1,013,414
-
Transfer from PPE
16,625
Transfers from investment properties
996,789
Disposals
(137,196)
-
Closing balance
876,218
1,013,414
Q1, 2025/26
2024/25
N'000 1,013,414
N'000
16,625
-
996,789
(137,196)
-
876,218
1,013,414
PZ Cussons Nigeria Plc Unaudited interim financial statements for fourth quarter(Q4,2024/25) and Year ended 31 May 2025
Notes to the condensed interim financial statements
Free Float Computation
24
Shareholding Structure/Free Float Status
31-Aug-25 | 31-May-25 | |||
Description | Unit | Percentage | Unit | Percentage |
Issued Share Capital | 3,970,477,045 | 100% | 3,970,477,045 | 100% |
Substantial Shareholdings (5°/• and above) | ||||
PZ Cussons(Holdings) Limited, UK | 2,909,349,788 | 73.27% | 2,909,349,788 | 73.27% |
CardinalStone Account CPM | 214,389,510 | 5.40% | 214,389,510 | 5.40% |
Total Substantial Shareholdings | 3,123,739,298 | 78.67°/« | 3,123,739,298 | 78.67°/« |
Directors' Shareholdings (direct and indirect), | ||||
excluding directors with substantial interest | ||||
Ms. Joyce Coker | 3,889 | 0.00% | 3,889 | 0.00% |
Mrs. I.M.0 Okauru, MFR | 59,713 | 0.00% | 59,713 | 0.00% |
Total Directors' Shareholdings | 63,602 | 0.00% | 63,602 | 0.00°/» |
Other Influential Shareholdings | ||||
AMCON & PFA | 0.00% | 69,085,514 | 1.74% | |
Total Other Influential Shareholdings | - | 0.00°/» | 69,085,514 | 1.74°/« |
Free Float in Units and Percentage | 846,674,145 | 21.32°/« | 777,588,631 | 19.58°/« |
Free Float in Value | B 31,242,275, | 950.50 | N 22,938,864,615 | |
PZ Cussons Nigeria Plc with a free float percentage of 19.58% as at 31 May 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board.
PZ Cussons Nig Plc with a free float value of N31,242,275,950.50 as at 31 August 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board.