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PZ Cussons Returns to Profitability in Q1:2025/2026, Driven by Disposal of Fixed Assets

PZ Cussons Nigeria Plc (PZ) recorded a solid turnaround in Q1:2026 (ended August 31, 2025). Revenue grew 47.6% YoY to NGN59.01bn, driven by higher volumes and pricing adjustments. Cost of sales rose 55.31% YoY due to FX weakness and higher input costs, but tighter expense control (OPEX down 60.88% YoY) and reduced finance costs strengthened profitability. The company swung to a pre-tax profit of NGN21.5bn from a NGN5.2bn loss in Q1:2025, supported by a NGN3.6bn FX gain and NGN12.2bn other income from asset disposals. Net profit closed at NGN13.5bn, compared to a NGN4.6bn loss in the prior year.
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ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

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