Shareholders of Cadbury Nigeria Plc lastÂ Â Friday approved a total dividend of N301.51 million declared by the company for the financial year ended DecemberÂ Â 31,Â Â 2017. The dividend, which translates to 16 kobo per share, was approved by the shareholdersÂ Â Â at the company’s 53rd annual general meetingÂ (AGM) held in Lagos.
The shareholders commended the company for the return to profitability andÂ Â recommendation of the dividend.Â Â For instance,Â Â Mr.Â Emmanuel Popoola , said it was very encouraging for the company toÂ Â post profit and declare dividend despite theÂ Â challenging operating environment.
He urged the company to work harder in order to ensure enhanced dividends in the years ahead.
Another shareholder, Mr. OderindeÂ Â Taiwo, Â taskedÂ Â the company toÂ Â introduceÂ Â Â new products in orderÂ Â to increase itsÂ Â market share and bottom line.Â Â He saidÂ Â the company should target products that would address health issuesÂ Â like diabetes.
Taiwo alsoÂ Â called on the company to look for cheaper means of financing its activities to reduce finance cost, advisingÂ Â the companyÂ to considerÂ Â floating rights issue in the future for fresh capital instead of working for banks.
In his response,Â Â Chairman of Cadbury Nigeria,Â Â Mr.Â Â Atedo Peterside,Â said the company was working on some new products, which would be launched at the appropriate time.
Peterside said the company built its business on four key pillars, such as price competitiveness, aggressive route to market initiatives and sustained consumer-driven activations.
He said the company’s top priorities in the current year is to sustain focus on quality, drive improvements in productivity and reinforce operational efficiency to maximise its competitive advantage.
The chairman added that the company would drive growth ahead of competition to increase market share within its product categories.
According to him, the company will continue to develop an organisation of high potential talent and sustain aggressive route-to-market initiatives.
Cadbury NigeriaÂ Â posted revenue of N33.08 billion in 2017Â Â compared with N29.98 billionÂ achieved in the comparative period of 2016. Its profit before tax stood at N350.32 million from a loss before tax ofÂ N562. 87Â millionÂ recorded in the previous year, while profit after taxÂ Â Â stood atÂ N299. 99Â millionÂ Â against a loss for the year of N296. 40 millionÂ recordedÂ Â in 2016.
The company said refreshment beverages which include Bournvita and Cadbury 3-in-1 hot chocolate contributed 55 per cent to its revenue in 2017, while 31 per cent was from confectioneries such as Tom-Tom peppermint and its variants, while 14 per centÂ of the revenue came from Intermediate Cocoa products.