Shareholders of Cadbury Nigeria Plc has approved a dividend of N471 million recommended by the Board of Directors for the 2018 financial year.
The dividend which translates to 25 kobo per share was in line with the company’s current efforts to create more value for investors.
Mr. Atedo Peterside, Chairman, Cadbury Nigeria, made this known at the Company’s 54th annual general meeting (AGM), in Lagos over the weekend.
Attributing the Company’s positive growth in the year under review to success of its cost-cutting measures, effective marketing strategy, and superlative performance of its various brands, he assured that Cadbury Nigeria will continue to sustain its dividend policy.
He added: “We re-launched our iconic cocoa beverage drink, Bournvita, with a new improved taste, last year, in line with consumers’ tastes and preferences. Feedback from consumers indicate that the new Bournvita has gained wide acceptance.
“Cadbury Hot Chocolate 3-in-1 brand, our treat portfolio, recorded substantial growth, driven by its unique offering, while our gum and candy brands also recorded success in their respective categories. In addition, we sustained our current price competitiveness, and increased our Route-to-Market coverage/footprint in 2018.”
Shareholders at the AGM applauded the Company for increasing its dividend payment from 16 kobo in 2017, to 25 kobo in 2018. They charged Cadbury Nigeria to continue to evolve ways of consolidating on the performance of its brands, while exploring other options including local manufacture of Hot Chocolate 3 in 1, which is currently imported from Ghana, to create more jobs locally.
They also commended Mondelez International and the Board of Directors of Cadbury Nigeria for the appointment of Mrs. Oyeyimika Adeboye as the first female Managing Director of the Company, effective 1st April, 2019. In their various remarks, the shareholders said the appointment has restored confidence in the ability of Nigerians to lead multinationals.
However, they charged. Adeboye, who took over from Mr. Amir Shamsi, to justify her elevation by sustaining the momentum and taking the Company to greater heights. They also welcomed the appointment of Mr. Ogaga Ologe, the Company’s erstwhile Financial Controller, who was appointed as the new Finance Director.
In its full year result for 2018, profit before tax surged by 242.9 per cent to N1.2 billion, from N350 million in 2017. The Company also reported an increase of 174 per cent in its profit after tax from N299.9million to N823 million, within the same period.
Cadbury Nigeria posted net earnings of N506 million for the first quarter ended March 31, 2019, which translates to 2200 per cent growth, when compared to N22 million realised in the first quarter of last year.
According to a report obtained from the Nigerian Stock Exchange (NSE) the company also announced revenue of N9.283 billion for the three months ended March 31, 2019. This represents an increase of 12.7 per cent over N8.235billion revenue realised within the same period in 2018.
The company also recorded gross profit of N2.375billion, representing an increase of 32 per cent over the N1.799 billion, which was reported for the same period in 2018.
Cadbury Nigeria’s first quarter result reflects a sustained positive trend in the Company’s performance.
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