ABSTRACT

 The main objective of this research work is to evaluate the effects of working capital management on the profitability of the manufacturing company in Niegria: A Study of Pz Cussons. The specific objectives were to analyze the effect of cash receivables on the profitability of PZ Cussons Nigeria Pie, to determine the effect of inventories on the profitability of PZ Cussons Nigeria Pie; to analyze the effect of marketable securities on the profitability of PZ Cussons Nigeria Pie, and to evaluate the relationship between current liabilities on the profitability of PZ Cussons Nigeria Pie. The study adopted time series research design. Secondary data was collected from a 12-Year Annual Report of PZ Cussons Nigeria Pie (2005- 2016). The study used multiple regressions in the analysis of data. From the findings, ii is observed that cash receivable was significant at 1% and has positive effect on profitability; inventories were significant at 1% and have positive effect on profitability. This implies that increase in inventories leads to increase in the profitability of the enterprise; inventories were significant at 1% and have positive effect on profitability; marketable securities was also significant at 5% and has positive effect on profitability; current liabilities was significant at 5%, but negatively affects the profitability of the enterprise; the correlation coefficient (r) value of - 0.38 indicated a negative relationship between current liabilities and profitability. The coefficient of determination (r') value of -0.318 explained the rate of percentage change in profitability attributed to increase in current liability. This value of 0.38, showed that current liability is a good predictor of profitability. The study recommended the firm should review and up-date the cash receivables to reflect the present circumstances so as to enhance rapid profitable growth. This will help the firm to recover more revenue from those who are owing the firm; the firm should introduce introduce an effective inventory control system. This will help in periodic stock evaluation, materials management and profitability; the firm should re-examine their in order to ensure its conformity in financial needs of the organization; and that the firm should above all reduce their current liabilities. This will reduce its adverse effects on the solvency of the enterprise.