British consumer goods group PZ Cussons Plc is at the warm-up stage of completely or partially quitting operations in Africa, where Nigeria and Kenya are the main manufacturing hubs.
The continent accounts for 28.7 per cent of the group’s revenue, with Nigeria being its largest and most diverse single market
We “have received a number of expressions of interest for our African business, recognising the potential of our brands and people, which could lead to a partial or full sale,” the parent company was quoted as saying in a Thursday statement by PZ Cussons Nigeria, its local subsidiary.
PZ Cussons Nigeria stated in the regulatory filing at the Nigerian Exchange it will make relevant information about the move public once a formal notification from its parent company is in place.
The 2024 financials of the Manchester-based group, released in London on Wednesday and seen by PREMIUM TIMES, showed net profit plunged 39.7 per cent after a 57 per cent slide in the naira against the sterling during the review period.
