PZ Cussons Considers Partial or Full Exit from African Operations

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.