PZ Cussons Nigeria hit by falling Naira and oil prices as full year pretax profit falls
The Nigerian division of British personal care giant PZ Cussons has reported a decline in pretax profits of 5.6 per cent to N6.55 billion ($33 million) compared to the previous year. This decline has been put down to Nigerian consumer goods companies being hit by the...
Nigerian e-commerce start-up Podozi reveals plans for pan-African platform
Nigerian e-commerce start-up Podozi has revealed it is currently seeking funding to expand its service beyond Nigeria’s borders. In an interview with How We Made it in Africa, co-founder Wale Babatunde explained: “We don’t see ourselves as a Nigerian company, but...
Ghana’s green gold: country poised to profit from rise in global demand for sustainable palm oil
Ghana is perfectly placed to benefit from the global rise in demand for sustainable palm oil, according to a report published in Citi FM online. However, speaking at the Tropical Forest Alliance 2020 Palm Oil Initiative Ghana Country Workshop, the Head of Corporate...
Will uncertainty in Nigeria affect PZ Cussons’ results? Analysts predict a 12 percent fall in profit
PZ Cussons is widely expected to report a 12 percent drop in profit this week to £108.7 million following the upheaval caused by the recent elections in Nigeria, the company’s largest market. In a trading update released last month, the company noted that the Nigerian...
Indian halal cosmetics start-up Iba Halal Care to enter South African market by year-end
A halal cosmetics brand, Iba Halal Care, launched last year by two sisters in Ahmedabad, India has revealed ambitious growth plans to open a new store in its homeland every month, as well as launch in west Asia and South Africa by full year end, according to a report...
Unilever ramps up presence in Africa and Middle East: breaks ground on new Dh1 billion Dubai plant and increases stake in Nigeria by 25 percent
Unilever has started construction on a new Dh1 billion manufacturing plant in Dubai’s Industrial City. The plant is Dutch personal care manufacturer’s second in the city and is due to open in mid-2016. The facility will produce personal care products from Unilever’s...
PZ Cussons business performance recovers following instability in Nigeria
PZ Cussons has revealed that business performance is improving following a challenging period in which profits were hit by the devaluation of the naira in the company’s key market of Nigeria. The personal care and consumer goods giant issued an update on Thursday...
Ingredients company Frutarom acquires 60 percent share of Indian fragrances company Sonorome
Israel-based flavour and ingredients company Frutarom has announced the acquisition of 60 percent of the share capital of Indian flavours and fragrances company Sonarome for US$17.2m. Frutarom develops, manufacturers and markets flavours and ingredients which are used...
Unilever Nigeria profits fall by 21 percent
Unilever Nigeria has revealed that profits dropped by 21 percent during Q1. Unilever Nigeria, whose brands include Dove Soap and Persil deodorant, issued a statement to the Nigerian Stock Exchange revealing that net income fell to 590.4m naira ($2.7m) in the quarter...
Trading stabalises for PZ Cussons as a result of peaceful elections in Nigeria
PZ Cussons trading is said to have stabilised despite a challenging six months in the firm’s main market of Nigeria. Revealing half-year results from January until April, the company’s Chairman Richard Harvey stated that trading is now “in line with expectations.” The...
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