{
  "id": 5565949,
  "title": "PZ posts N45 billion profit in 2026. Test comes in 2027 without asset sales",
  "url": "https://urgent.news/2026/09/04/pz-posts-n45-billion-profit-in-2026-test-comes-in-2027-without-asset",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-04T13:39:23.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/09/04/pz-posts-n45-billion-profit-in-2026-test-comes-in-2027-without-asset-sales/"
  },
  "original_language": "en",
  "account": "PZ Cussons Nigeria announced a remarkable 2026 financial year, with revenue increasing by 22% to N260.46 billion and profit after tax surging by 349% to N45.17 billion. This profit, however, was largely driven by asset sales, which boosted total operating profit to N77.1 billion. The company's shareholders' equity, previously negative, turned positive at N66.64 billion, and it proposed its first dividend payout since 2022 at N2.50 per share, yielding around 3.1%. Nevertheless, the story behind these numbers is more complex.\n\nUpon closer examination, it becomes clear that the 2026 profit was bolstered by non-recurring income from scrap sales and gains from the disposal of non-core assets. Recurring operating profit grew by 117% to N37.1 billion, demonstrating that the business had been improving before the asset sales. The balance sheet also showed significant progress, with current liabilities falling from N185.36 billion to N92.36 billion, and short-term borrowings dropping from N71.27 billion to N5.9 billion.\n\nThe earnings per share (EPS) of N10.87 for 2026 already included the N38.67 billion asset-sale gain, reducing the profit after tax to approximately N22.6 billion without the gain. This would leave shareholders with around N5.20 per share. If PZ cannot replicate the asset gain in 2027, the operating business would need to generate enough profit to support the proposed dividend. Management emphasizes its strong brands, adaptive operating framework, and disciplined execution, all aimed at long-term shareholder value. The company's stock is trading at approximately 7.5 times earnings, but with the asset gain, the multiple appears more appealing at about 15.6 times underlying earnings.",
  "summary": "PZ Cussons Nigeria has released its audited full-year 2026 financial results for the year ended May 31, 2026, and the numbers look like the kind of turnaround investors dream about. The post PZ posts N45 billion profit in 2026. Test comes in 2027 without asset sales appeared first on Nairametrics .",
  "key_points": [
    "PZ Cussons Nigeria posted N45 billion profit in 2026, up 349% from previous year",
    "Profit driven by asset sales, not recurring operating profit",
    "Dividend proposed at N2.50 per share, yielding 3.1%"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}