PZ Cussons Ghana Gains to Record on Profit Outlook: Accra MoverMoses Mozart Dzawu
PZ Cussons Plc’s Ghanaian unit, a distributer of consumer goods, rose to the highest on record on speculation the shut down of a manufacturing unit in the West African nation will cut costs and boost profit.
The stock gained 10 percent to 55 pesewas by the close in Accra, the highest since April 1995 when Bloomberg began compiling data on the company. It was the best performer today on the Ghana Stock Exchange’s Composite Index. PZ shut a factory in the port city of Tema in December, Charles Janney, director of human resources and corporate affairs, said by phone.
The shut down is “expected to cut overhead and operational costs, Randy Mensah, a stock trader at Ecobank Development Corp., said by phone. ‘‘Profit is expected to increase as the company imports the goods for sale in Ghana.’’
PZ’s net income jumped to 7.9 million cedis ($3.7 million) in the financial year to May 31 from 763,610 cedis a year before, the company said on Aug. 2. Revenue climbed 16 percent to 95.7 million cedis.