The Chairman of Cadbury Nigeria Plc, Mr. Atedo Peterside, last Friday assured shareholders of company’s continued efforts to create more value for them and sustain its progressive dividend policy.
Part of the efforts, he said informed the payment of N471 million dividend for the year ended December 31, 2018. The dividend, which translated to 25 kobo per share, was an increase from 16 kobo paid the previous year.
Speaking at the 54th annual general meeting (AGM), in Lagos, Peterside attributed the company’s positive growth in 2018, to success of its cost-cutting measures, effective marketing strategy, and superlative performance of its various brands.
He said: “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.”
Meanwhile, 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 hailed 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 since April 1, 2019. According to them, the appointment has restored confidence in the ability of Nigerians to lead multinationals.
However, they charged Adeboye to justify her elevation by sustaining the momentum and taking the company to greater heights. They also lauded the appointment of Mr. Ogaga Ologe, the company’s erstwhile financial controller, as the new finance director.
Cadbury recorded a revenue of N35.9 billion in 2018, showing an increase of nine per cent from N33 billion in 2017. Selling and distribution expenses reduced from N5.228 billion to N4.706 billion while administrative expenses declined to N1.571 billion compared with N1.594 billion the previous year.
As a result, profit before tax jumped 249 per cent from N350 million to N1.2 billion, while profit after tax rose by 174 per cent to N823 million, from N299 million in 2017.