British consumer goods company PZ Cussons Plc is exploring options to divest its African business, with Nigeria and Kenya being key manufacturing hubs.

The continent accounts for 28.7% of the group’s revenue, with Nigeria being its largest and most diverse market.

PZ Cussons Nigeria disclosed in a regulatory filing that the parent company has received expressions of interest for its African business, potentially leading to a partial or full sale.

The decision comes after the group’s 2024 financials revealed:

– 39.7% drop in net profit

– 57% slide in the naira against the sterling

– 44% dividend reduction

Currency devaluation significantly impacted PZ Cussons’ local and global performance.

The company attributed poor FY24 results to Nigeria’s macroeconomic challenges.

PZ Cussons holds a 73.3% stake in its Nigerian subsidiary.

A formal announcement will follow once the parent company provides further guidance.