- Board approves 16k/share for shareholders
By Franklin Ocheneyi
“We built our business on four key pillars, namely price competitiveness, aggressive route to market initiatives, sustained consumer-driven activations and exponential growth in our treat portfolio. Despite the difficult operating environment, the company recorded impressive growth in all these four areas, leading to its full return to profitability at the end of 2017.”
That was how Mr. Bala Yesufu, Corporate and Government Affairs Director for West Africa, Cadbury Nigeria Plc, a subsidiary of Mondelēz International, described the company’s turnaround from its loss position to profitability.
In a statement, yesterday, Yesufu, said: “We have been working assiduously over the years to turnaround our loss situation. We are happy to announce that we finally realised our vision to reposition Cadbury for improved performance, in 2017.
“The company’s revenue increased from N29.979 billion in 2016 to N33.079 billion in 2017, representing a 10 percent growth. Its profit after tax also raised from N296 million losses in 2016 to a gain of N299.998 million in 2017, representing growth of 200 percent. In addition, the company reported a profit before tax of N350.317 million in 2017, compared to the pretax loss of N562.871 million recorded in 2016. This shows an increase of 163 percent. Based on its improved performance, the board of Cadbury Nigeria has proposed a dividend payment of 16 kobo per share to its shareholders for the year 2017,” he said.
According to Yesufu, “As part of our repositioning drive, we have invested a lot in our human capital, pioneered some innovation in the industry, and acquired new world-class technology. We are confident that these investments will further strengthen our capabilities and enable us to deliver more value for our broad spectrum of stakeholders.”
He further disclosed that the company unveiled its new fully automated $50million state-of-the-art Bournvita plant in Agidingbi, Lagos, in 2015.
“The plant has increased its production capacity and efficiency and positioned the brand to become more competitive,” he said.