Profit after tax attributable to shareholders, according to the company, has equally increased from N3.9 billion in the past year to N4.8 billion, while shareholders' fund went up to N4.8 billion from N3.9 billion.

Based on the performance, the board of directors of the company has recommended a dividend payout of N2.1 billion, amounting to 68 kobo per share.

The proposed dividend, if approved by shareholders at the company's 61st yearly general meeting scheduled to hold on Thursday, September 17, would represent a 10.1 per cent increase over the N1.969 billion paid last year.

Chairman of PZ Cussons, Prof. Emmanuel Edozien, in his proposed speech dispatched to shareholders and obtained by The Guardian yesterday, said within the year, brands under the stable of the company continued to be well patronised by consumers and "present in almost every Nigerian household".

He said the home care category saw strong growth across all brand. "Zip, Jet, Duck, Canoe, Tempo and Rex led the way. Morning fresh continues to be the leading dish washing solution in Nigeria"

Edozie said the success of Coolworld Retail Store in Victoria Island prompted the company to add another three Coolworld retail outlets in Abuja, Kano and Broad Street in Lagos.

"Our personal care category had an exciting year with the re-launch of Robb and Joy ranges. Within the toilet soap segment, Premier, Joy, Imperial Leather, Cussons Baby and Carex had a good year.

While making reference to the global economy, Prof Edozie, who spoke on sundry issues, said inspite of the global risk awareness and falling oil prices, Nigerian economy grew at a relatively healthy rate of 5.6 per cent during the year.

He said oil, which stood at about $126 per barrel by the start of June 2008, fell to $37 in January 2009 and climbed to $59 by May 2009.

Explaining further, he said: "The attendant lower oil revenues, coupled with higher global risk awareness and reduced investment in Nigeria served to put the Naira under pressure.

"From a stable level of about N117 to the dollar in November 2008, to N146 in January 2009, it closed at N148 by May 2009," Edozien said.

He said that the depreciation in the value of the Naira, the fall in the overall investment, including the severe fall in the activity level in the stock market had negative impact on liquidity and spending levels.

"The 12-month moving average inflation was 13.8 per cent by May 2009, partly as a consequence of the 27 per cent devaluation of the Naira and resulting increased liquidity and spending levels posed a challenge in some PZ's high-end categories.

"Besides, the congestion in the ports did not help in the efficient movement of our raw materials and therefore, forced us to increase our stockpiling.

"Inspite of all these, the company managed the challenges well and had a strong position in the year end."

The Guardian Newspaper, Thursday September 3, 2009.