Nigeria, Sept. 5 -- PZ Cussons Nigeria has reported a return to annual profit after cutting back an enormous foreign exchange loss that hit bottom line in 2023 by 95.1 per cent.

After-tax profit for the local unit of Manchester-based manufacturer of household consumables PZ Cussons Plc stood at N10.1 billion last year, in contrast to a net loss of N90.3 billion a year earlier, according to its newly released audited financial report.

The exchange rate, volatile for the most part of 2023 as a result of devaluations and other currency reforms implemented by the Nigerian Government, left the country's FMCG industry, which relies heavily on imports, particularly vulnerable.

Foreign exchange loss for PZ Cussons Nigeria came to N157.9 billio...