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Amid macroeconomic headwinds, Seplat Energy records strong performance in revenue



By Philemon Adedeji

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited (NGX) and London Stock Exchange (LSE), in its audited results ended December 31, 2022,  reported highly impressive performance across its major business segment to keep the company maintaining its position as one of the leading energy companies in Nigeria.

In its audited financial results ended December 31, 2022, the group revenue breakdown revealed that revenue generated from oil and gas sales in 2022 stood at N403.9 billion, $951.8 million, a 29.8 per cent increase from the N293.6 billion, $733.2 million achieved in 2021.

While, Crude Oil revenue was 35.7 per cent higher than for the same period in the previous year at

N356.2 billion, $839.3 million (2021: N247.7 billion, $618. 4 million), reflecting higher average realised oil prices of N43,158/bbl, $101.7/bbl. for the period (2021: N28,334/bbl $70.5/bbl).

The increase is attributable to the impact of the conflict in Ukraine on global energy prices and the steady post-pandemic recovery in global oil demand, particularly in China and the United States. The total volume of crude lifted in the period was 8.3 MMbbls, 6.8 per cent lower than the 8.9 MMbbls lifted in 2021.

The lower volumes lifted in 2022 resulted from a drop in production output, especially in the third quarter, because of the prolonged unavailability of the export terminals. However, significant improvements were made in Q4 2022 as we began to evacuate the bulk of our crude through the newly operational Amukpe-Escravos underground pipeline. The average reconciliation loss factor for the Group was 10.7 per cent.

Gas sales revenue declined marginally by 2.1 per cent to close the year at N47.7 billion, $112.5 million from N45.9 billion, $114.8 million accounted in 2021, because of weaker average realised gas prices following price reviews conducted in the second quarter of the year, down 1.1 per cent to N1,197 /Mscf, $2.82/Mscf (2021: N1,141/Mscf, $2.85/ Mscf).

Nevertheless, gas sales volumes improved despite the effect of oil evacuation curtailments and increased 4.1 per cent to 41.0 Bscf, compared to 39.4 Bscf in 2021.

Gross profit increased significantly by 63.0 per cent to N197.2 billion, $464.7 million as of end of December 31, 2022 from N114.2 billion, $285.2 million) in prior financial year 2021 benefited from higher realised oil prices.

Non-production costs consisted primarily of N76.7 billion, $180.8 million in royalties, which was higher compared to N51.9 billion, $129.8 million in 2021 because of higher oil prices, and DD&A of N54.6 billion, $128.7 million, which was lower compared to N56.5 billion, $141.1 million in 2021, reflecting lower depletion of reserves because of decreased production compared to the prior year.

Direct operating costs, which include crudehandling fees, barging/trucking, operation and maintenance costs, amounted to N70.5 billion, $166.1 million in 2022, 3.1 per cent lower than the N68.9 billion, $172.1 million incurred in 2021.

However, on a cost-per-barrel equivalent basis, production opex was N4,371/ boe, $10.3/boe, 4.4 per cent higher than the $9.9/boe incurred in 2021, primarily because of the effect of lower produced volumes, an excess storage charge on use of the Escravos terminal, and the higher cost of crude handling on the AEP, when compared to the TFP.

The operating profit for the period was N116.6 billion, $274.7 million, an increase of 9.6 per cent, compared to N100.4 billion, $250.7 million in 2021, while cash generated from operations in 2022 was $571.2 million, 51.6 per cent higher than $376.8 million generated in 2021

The Group recognised a financial asset impairment charge of N2.9 billion, $6.4 million related to the ageing of some government receivables, which is expected to reverse once recoveries are secured. ncluded in other income was a N5.6 billion, $13.1 million loss on disposal for the sale of the Ubima field. In addition, there was an overlift charge of N11.5 billion, $27.2 million, representing 263 kbbl. and a N0.5 billion, $1.1 million loss on foreign exchange, principally due to the translation of Naira, Pounds and Euro-denominated monetary assets and liabilities.

General and administrative expenses of N58.3 billion, $137.4 million were 71.5 per cent higher than the 2021 costs of N32.1 billion, $80.1million.

The increase was driven by the impact of global inflationary trends on expenses, including travel and training costs (activities having increased following the relaxation of travel restrictions), increased spending on professional

and consulting fees associated with business growth strategies and the upward adjustments to staff salaries and emoluments to reflect the true cost of living.

After adjusting for non-cash items, which include impairment and exchange losses, the EBITDA of N176.9 billion, $416.9 million, equates to amargin of 43.8 per cent for the period N148.9 billion $371.8 million; 50.7 per cent in 2021.


The income tax expense of N42.3 billion, $99.7 million includes a current tax charge (cash tax) of N28.7 billion, $67.7 million and a deferred tax charge of N14 billion, $32.0 million.

The deferred tax charge is driven by the unwinding of previously unutilised capital allowances and movements in underlift/overlift in the current year. The effective tax rate for the period was 49 per cent (2021: 34%). The higher tax this year resulted from higher taxable profit due to higher oil prices.

Net result 

The profit before tax (PBT) was 15.2 per cent higher at N86.7 billion, $204.4 million from N71 billion, $177.3 million) in the corresponding period.

The profit for the year was $ 104.7 million in 2022 from N46.93 billion, $117.2 million in 2021 with a resultant basic earnings per share of N46.68, $0.11 in 2022, compared to N96.11, $0.24 per share in 2021.


In the audited financial results ended December 31, 2022, the group balance sheet remained well structure and resilient as total assets gained a decent 21.4 per cent to N1.58 trillion in 2022 from N1. 303 trillion in 2021, as total current assets gained a 41.5 per cent to N394.7 billion as of end of December 31, 2022 from N278.8 billion achieved as of end of December 31, 2021, while Total non-current assets gained a 16 per cent from N1.024 trillion in FY 2021 from N1.186 trillion in FY 2022

In addition, the group total liabilities reported moved from N599.7 billion in FY 2021 to N794.7 billion in FY 2022, indicating an increase of 32.5 per cent as total current liabilities increased to N267.4 billion in FY 2022 , reflecting a marginal difference of 35 per cent from N198.1 per cent in FY 2021, while Total non-current liabilities increased by 31.3 per cent to N527.4 billion in twelve months of 2022 from N401.6 billion in twelve months of 2021

Cash flows from operating activities 

Cash generated from operations in 2022 was N242.4 billion, $571.2 million, 51.6 per cent higher than N150.9 billion, $376.8 million generated in 2021. Net cash flows from operating activities were 41.6 per cent higher at N211.0 million, $497.3 million in 2022 from N141.1 billion, $352.3 million in 2021 after accounting for tax paid of N24.4 billion, $57.5 million (2021: N5.2 billion, $13.0 million) and a hedging premium of N4.4 billion, $10.3 million (2021: N3.6 billion, $9.0 million).

Cash flows from investing activities Net capital expenditure of $163.3million included $94 million invested in drilling and $64 million in oil and gas engineering projects.

Deposits for investment of $140.3million include a $128.3 million (which is refundable) deposit for the proposed acquisition announced in February 2022 of Mobil Producing Nigeria Unlimited and the $12.0 million farm-in fee for the Abiala marginal field carved out of OML 40.

Cash flows from financing activities 

The Company paid N24.9 billion, $58.8 million dividends to shareholders in the period. Other financing charges of N5.3 billion, $12.5 million reflect the commitment fee and other transaction costs on the Group’s facilities, and N26.9 billion, $63.3 million reflects interest paid on loans and borrowings.

Seplat Energy outlook 

Our financial strategy will driven by the preservation and flexibility required to realise the value of our asset base. We will continue to closely monitor the performances of the oil price, our assets and evacuation routes, and their implications on cash generation to appropriately scale and phase our capital allocation, ensuring that we have a sound financial platform from which we can build and grow further.


Speaking on the performance, Chief Executive Officer (CEO) of Seplat Energy, Roger Brown said:  “I am delighted that our strong financial performance will enable the payment of a US7.5 cent final dividend, despite the significantly disrupted production we experienced in the second half of the year. The full-year dividend of US15 cents represents a dividend yield of around 11 per cent at the current LSE share price.”

He added that, “as we enter 2023, the business is in a very healthy state, with new wells coming onstream, encouraging appraisal drilling underway at Sibiri, and alternative export routes ensuring good export performance in January and February this year.

“Our gas business continues to develop, with first gas expected from ANOH in Q4 this year, and we are now in the process of separating our Midstream Gas business from the Upstream unit to unlock new value for shareholders.”

Story behind the figures

Zenith Bank Plc: A profitable outing




Our analysis of Zenith Bank’s 2023 recent annual report shows that the year was quite a profitable one for the bank. Not only did the bank record a commendable growth in its turnover, it was also able to maintain such momentum to its profit.

As a direct fallout, the bank’s profitability ratios (such as profit margin, return on assets, return on equity, net interest margin and pre-tax profit per employee) remained high enough for the bank to remain relevant. It is important to note that the bank is also doing very well in its core banking operations.

Growth indices

For its 2023 financial year, the bank recorded a very commendable 125.4 percent growth in its turnover (inclusive of interest and discount income, and income from non-banking operations). Such turnover rose to an all-time high of N2.13 trillion from N945.6 billion in the preceding year.

It is worthy of note that while the bulk of the bank’s turnover was contributed via interest and discount income, it also stepped up the tempo of its non-core banking operations during the course of the year and earned significantly more money from there.

Pre-tax profit growth rate followed an even more commendable pattern, growing much more steeply as compared to the growth recorded in the prior year. Profit before tax obligations for 2023 stood at N795.9 billion, up from N284.7 billion in the erstwhile year, and translating into a 179.6 percent growth rate. After-tax profit followed the same pattern as pre-tax profit did, growing commendably by 202.3 percent over the preceding year’s level.

Total assets deployed by the bank for the 2023 year improved to a higher level of N20.4 trillion, about 65.8 percent higher than the N12.3 trillion assets deployed in December 2022, while shareholders’ funds advanced to N2.3 trillion from N1.4 trillion.

Profitability ratios

In all ways, the 2023 financial year was a profitable one for Zenith, as it recorded a marked improvement in almost all of its profitability ratios.

First, the bank did well in the execution of core banking operations, as shown by its net interest margin. Zenith recorded a net interest margin of 64.3 per cent. This interest margin, although lower than what the bank recorded in the preceding year, was on par with the industry average for 2023. This lower 64.3 percent net interest margin happened despite the increasing gap between the bank’s lending rate (which grew to 17.5 percent in 2023 from 13.5 percent in December 2022) and its deposit rate (which grew to 2.7 percent from 1.9 percent).

Profit margin also grew to 37.3 percent in 2023 from 30.1 percent in December 2022. What this means is that for every N100 earned by the bank in the course of the year, N37.30 made it to the profit position. This is as compared to N30.10 for the year preceding 2023.

Return on assets (ROA) also recorded an improvement. ROA grew to 3.9 percent in 2023 from 2.3 percent in December 2022. Analysis shows that every N100 worth of Zenith’s assets contributed N3.90 to its pre-tax profit in 2023, up from N2.30 in 2022.

For every N100 equity deployed, the bank made an after-tax profit of N29.10, up from N16.20 in the preceding year. Thus, return on equity for the year was also better than that of the prior year.

Asset quality

The proportion of Zenith’s gross loan stock that became classified in 2023 declined by increasing to 7.6 per cent from 5.8 per cent in 2022. Meanwhile, loan loss reserves for 2023 could cover only 20.4 percent of Zenith’s classified loans.

For 2023, the bank was not as careful to limit the portion of its equity stock that would be wiped out were its classified loans to become totally irrecoverable. Classified loans as a portion of shareholders funds stood at 23.4 percent in 2023, higher than 17.2 percent in 2022.

Staff matters

The bank did very well in matters regarding its employees for the year ended December 31 2023. Pre-tax profit per employee grew to N97.47 million on the average, better than the N35.25 million employees contributed on the average to the bank’s pre-tax profit in 2022.

The bank was, however, generous enough to compensate its employees more in 2023 than it did in December 2022. Average staff cost rose to N15.23 million from N10.69 million within the course of 12 months. This means that there was a N4.54 million addition to what an employee earned (on the average) between December 2023 and December 2022.

Despite the fact that it upped its staff costs, Zenith succeeded in deflating such staff costs as a proportion of income earned. Staff costs as a portion of turnover decreased to 5.8 percent in 2023 from 9.1 percent in December 2022.

Other ratios

Zenith’s equity (a company’s primary and cheapest source of funding) could finance 32.9 percent of the loans and advances it gave out to borrowers, down from 33.4 percent recorded in the erstwhile year.

Also, at 0.6 times, the current ratio was not on par with the industry average for 2023. What this means is that for every N1.00 of short-term obligations, the bank had only 60 kobo in short-term assets, and was not completely able to meet short term debts from short term assets.

Having a debt to equity ratio of 7.8 shows that the bank is using N7.80 of liabilities in addition to each N1.00 of stockholders’ equity. In other words, the bank is using N8.80 of total capital for every N1.00 of equity capital.

Return on equity

Another performance ratio in which Zenith did well was in its return on equity (ROE) of 29.9 percent. Zenith’s ROE for 2023 stood at 29.1 percent.

Return on assets

This was one of the ratios in which Zenith outperformed its peers. Its ROA was 3.9 per cent, higher and better.

Pre-tax profit margin

Although Zenith Bank was not able to grow its gross earnings and pre-tax profit as fast as its peers, it was however better able to translate its turnover into profit. For the 2023 financial year, pre-tax profit margin (which measures a company’s ability to squeeze as much profit as is possible from turnover) for Zenith Bank was 37.3 percent.


On its own, in a stand-alone analysis, Zenith Bank is doing quite well and this should be commended. It remains to be seen, however, if Zenith and UBA will be star performers in the banking industry for 2023, or if 2023 was a generally good year for all Nigerian banks.

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Story behind the figures

Honeywell Flour Mills Plc: A tough year



By Folakemi Emem-Akpan


Honeywell Flour Mills Plc went the way of most other Nigerian companies in 2023, recording lower turnover. It went one step further and recorded downright end of the year losses. Because of the losses, the company did not have good profitability ratios and seems to be floundering. All in all, it was a tough year for the company.

Growth indices

Honeywell followed the general rule of earning more income in 2023 than it did in 2022. The growth in gross earnings, at 8.0 percent, was however lower than most other companies recorded. Gross earnings stood at N147.3 billion, a little higher than N136.4 billion in the prior year. Even though the company was careful to curtail cost of sales, it couldn’t quite do the same for operating expenses (inclusive of advertising and promotion, distribution, administrative and interest expenses). These grew much faster collectively in 2023 than in 2022.

For the second year in a row, Honeywell recorded a loss rather than a pre-tax profit. Loss before tax obligations for 2023 stood at a staggering N8.9 billion, a deeper loss than the N170 million pre-tax loss recorded in the prior year. After-tax loss was N260 million for the 2023 financial year, still a loss, but better than the N980 million loss recorded in 2022.

Total assets deployed by the company for the 2023 year grew to N165 billion, 11 per cent more than the N148.7 billion assets deployed in 2022. Meanwhile, shareholders’ funds declined by 27.5 per cent to N32.0 billion in the review year.

Profitability ratios

Not only did Honeywell record losses instead of profitability on a stand-alone analysis basis for the 2023 financial year, all parameters also showed a regression when compared to its preceding years’ result. First to achieve a regression was the profit margin of the company. Instead of a profit margin, there was a loss margin of 6.0 percent, meaning that for every N100 earned by the company in the course of the year, N6.00 of it translated to loss. This is as compared to a loss of 10 kobo in 2022.

Also to record a decline was return on assets (ROA). Loss on assets was 5.4 percent, as compared to a loss on assets of 0.1 percent in the erstwhile year. For the 2023 financial year, Honeywell deployed equity valued at N32.9 billion and for every N100 equity deployed, the company made an after-tax loss of 78 kobo.

The operating margin (which measures what proportion of turnover a company spends on operations and which must be kept as low as possible without compromising standards) was one of the reasons for the company’s bad results for the year. This is because such operating margin was 6.9 percent, higher and worse than the 5.2 percent recorded in the prior year.

Staff matters

As regards staff matters, pre-tax loss per employee stood at N10.9 million on the average. This is as compared to the N204 million pre-tax loss employees contributed on the average to the company’s pre-tax loss in 2022.

Average staff cost then increased significantly to N8.84 million from N5.99 million within the course of 12 months. This means that there was a N2.85 million addition to what an employee earned (on the average) between 2023 and 2022.

Perhaps, because it increased its staff costs, Honeywell did not succeed in deflating its staff costs as a proportion of income earned. Staff costs as a portion of turnover grew to 4.4 per cent in 2023, higher than 3.6 percent in 2022.

Other ratios

At 0.9 times, Honeywell’s current ratio was a little lower than the industry average for 2023. What this means is that for every N1.00 of short-term obligations, the company had 90 kobo in short-term assets, and was not fully able to meet short term debts from short term assets.

Having a debt-to-equity ratio of 4.0 shows that the company is using N4 of liabilities in addition to each N1.00 of stockholders’ equity. In other words, the company is using N5.00 of total capital for every N1.00 of equity capital, higher than it did in 2022.

Honeywell Vs Flour Mills: Still a loss

We have established that Honeywell did not improve its lot when its results are compared on a year on year basis. We can also establish that Honeywell did not compete favourably against other companies in the flour milling business for the 2023 FY. A comparison against Flour Mills buttresses this point.

While Flour Mills is easily the bigger of the two companies (in fact, it is the parent company of Honeywell), a bigger size does not automatically translate into better profitability. For the 2023 review year, Flour Mills was also the clear leader in terms of performance. Of six profitability ratios examined, Flour Mills led in all.

Turnover growth rate

For the 2023 financial year, Flour Mills had a turnover growth rate of 32.8 percent, as compared to Honeywell’s turnover growth rate of 8 per cent for the same period under review. Analysis shows that Flour Mills was the winner in this respect.

Pre-tax profit growth rate

For the year, Flour Mills’ profit before tax grew by a mere 1.5 percent. Yet, this was much better than the 5,074 percent decline Honeywell recorded. However, it is also important to note that while Flour Mills witnessed an actual growth, Honeywell had a pre-tax loss of N8.9 million.

Between turnover and profit

For the 2023 financial year, pre-tax profit margin (which measures a company’s ability to squeeze as much profit as is possible from turnover) for Honeywell was actually a pre-tax loss margin of (6.1) percent. Flour Mills, on the other hand, had a better pre-tax profit margin of 2.6 percent.

Return on equity

Flour Mills led its peers in terms of return on equity (ROE), recording an ROE of 13.1 per cent. Analysis shows that while every N100 worth of equity deployed by Flour Mills earned it N13.10 in after-tax profit, such N100 equity deployed earned Honeywell 78 kobo as after-tax loss.

Return on assets

ROA for Flour Mills was 3.7 percent, down from 5.9 percent in the prior year. This means that of every N100 worth of assets deployed by Flour Mills, N3.70 accrued to it as pre-tax profit while Honeywell recorded a N5.40 pre-tax loss from every N100 worth of assets employed.

Pre-tax profit per employee

For the 2023 financial year, Flour Mills recorded a pre-tax profit per employee of N6.72 million, much better than Honeywell’s N10.9 million pre-tax loss per employee.


Honeywell’s loss for its 2023 financial year shows how events beyond a company’s control can have an effect, either negative or positive, on its bottom line. It is clear that the economic recession Nigeria has been experiencing had a severely limiting effect on Honeywell’s revenues and performance. It remains to be seen what the 2024 FY will hold for the company.

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Story behind the figures

PZ Cussons Plc: A commendable outing




A thorough analysis of PZ CussonsPlc current financial report shows that it is yet growing. It was able to step up the level of its business activities as shown by a growing turnover base. It was also able to increase profit during the course of the year. Profitability ratios for the year were a progression over the preceding year’s. Profit margin improved, as did return on assets, return on equity, and pre-tax profit per employee.

Truth be told, the conglomerate’s results for the 2023 financial year was extremely commendable, given the stressful operational environment in Nigeria for the review year.

Growth indices

For its 2023 financial year, PZ Cussons recorded a level of growth in all of its major parameters. First to receive a boost was the company’s gross earnings. Gross earnings for the year stood at N113.96 billion, 14.5 percent higher than the N99.5 billion recorded in the preceding year. This 14.5 percent growth rate is as compared to a higher growth rate of 20.5 per cent in 2022.

Because direct costs grew at a slower pace than turnover did, gross profit advanced by 35.6 percent to N32.9 billion. After deducting operating expenses from the gross profit and adding other income (including interest income), PZ Cussons was left with a pre-tax profit of N20.46 billion, a whopping 104.4 percent higher than the N10.01 billion pre-tax profit recorded in the erstwhile year. This 104.4 percent growth rate is as compared to a pre-tax profit growth rate of 213.8 percent in the preceding year.

After-tax profit (which was also the same as distributable profit) grew over the preceding year’s by as much as 114.2 percent to N14.35 billion. For the first time in a while, the conglomerate chose not to dedicate any portion of its distributable profit to dividend.  Thus, shareholders did not receive any dividend.

Total assets for the year stood at N166.38 billion, up from N109.47 billion in 2022 and translating into a 52.0 percent growth rate. Total liabilities also grew by 64.5 per cent to N118.0 billion from N71.73 billion while shareholders’ funds grew by 28.1 per cent to N48.36 billion from N37.74 billion in the erstwhile year.

Profitability ratios

For the year, operating margin (which calculates what proportion of turnover is used to finance operations) was 21.7 percent, slightly lower and therefore better than the 24.7 percent that was recorded in 2022. What this means is that the probable margin for PZ Cussons to be profitable expanded, albeit slightly during the course of the year.

Perhaps because of this, the profit margin for the year increased. Profit margin for 2023 stood at 18.0 percent, higher than 10.1 percent in the preceding year. What this means is that N18.00 made it to the profit position for every N100 earned in 2023, up from N10.10 in 2022.

Return on assets (ROA) followed the same pattern. ROA for the year increased to 12.3 percent from 9.1 percent in 2022, meaning that every N100 worth of assets deployed contributed N12.30 to the pre-tax profit for the year, higher than the N9.10 recorded in 2022.

Also, return on equity (ROE) grew to 29.7 percent from 17.8 percent, meaning that every N100 worth of equity employed contributed N29.70 to the after-tax profit in 2023, up from N17.80 in the prior year.

Our examination of this conglomerate’s profitability ratios shows that the company recorded quite a profitable year in 2023, which was not the case for many other manufacturing companies in Nigeria.

Staff matters

In terms of staff matters, the conglomerate did not do too shabbily for the year ended December 31 2023. On the average, each employee contributed N20.54 million to the company’s pre-tax profit, commendably up from N9.63 million in the prior year.

To this end, PZ Cussons reciprocated by increasing its staff cost per employee. On the average, wages and salaries earned by each staff increased to N8.04 million during the course of the year, up from N7.23 million in the preceding.

It is however worthy of note and laudable that despite increasing average staff costs, the company did not actually put itself out more than was necessary. Staff costs as a proportion of turnover decreased (and by so doing, improved) to 7 per cent.

Other ratios

For the year, PZ Cussons’ short-term assets increased to N148.1 billion while its short-term liabilities increased to a collective N94.68 billion. The interplay between these two had an upping effect on its current ratio. At 1.6 times (higher than 1.4 in the preceding year), current ratio was on par with industry standards. What this means is that for every one Naira of short-term obligations, the company had N1.60 in short-term assets, and was more than able to meet obligations as at when due.

The company had a debt-to-equity ratio of 2.4 and this shows that the company is using N2.40 of liabilities in addition to each N1.00 of stockholders’ equity. In other words, the company is using N3.40 of total capital for every N1.00 of equity capital.

PZ Cussons Vs Nestle: PZ Cussons larger and superior

PZ Cussons Plc and Nestle Nigeria Plc are competitors, and both have been operating in the Nigerian conglomerate scene for years. While Nestle is currently the bigger of the two in terms of sales generation and assets employment, PZ Cussons is better when it comes to profit retention. Of the six profitability ratios we examined, Nestle only took the lead in turnover growth rate, while PZ Cussons took the lead in the remaining five.

Sales generation and profit retention

As usual, Nestle recorded more sales in 2023 than PZ Cussons did. Also, Nestle’s growth rate for the year was much better than PZ Cussons.’ This said, PZ Cussons excelled better in translating its sales into profit. It had a positive pretax profit growth rate as compared to Nestle’s decline rate. It also had a profit margin, as compared to Nestle’s loss margin for the year under review.


PZ Cussons recorded better returns on assets and on equity for the 2023 financial year. Return on assets (ROA) and return on equity (ROE) were 12.3 percent and 29.7 percent respectively. Meanwhile, Nestle had negative returns. For Nestle, ROA was negative 17.9 per cent while ROE was negative 101.9 per cent.


In an operating environment where most companies recorded either negative or slowed down profitability ratios, PZ Cussons is an exceptional, a very laudable one. Its ability to not only generate sales but also to maximise profits for the 2023 financial year is indeed commendable.

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