The Board of Directors of Cadbury Nigeria Plc at the weekendassured shareholders that it would continue to work to create more value for investors.
At the Annual General Meeting (AGM) in Lagos, the board reiterated its commitment to sustaining the company’s dividend policy as shareholders approved the distribution of N471 million as cash dividend for the 2018 business year. Shareholders will receive a dividend per share of 25 kobo for the 2018 business year as against 16 kobo paid for the 2017 business year.
Chairman, Cadbury Nigeria Plc, Mr. Atedo Peterside, said the company’s positive performance last year was driven by success of its cost-cutting measures, effective marketing strategy, and superlative performance of its various brands.
He noted that the company re-launched its iconic cocoa beverage drink, Bournvita, with a new improved taste in 2018 in line with consumers’ tastes and preferences, pointing out that feedback from consumers indicated 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 and footprint in 2018,” Peterside said.
Key extracts of the audited report and accounts for the year ended December 31, 2018 showed that the company’s full-year profit before tax surged by 242.9 per cent to N1.2 billion in 2018 as against N350 million in 2017. Net profit rose by 174 per cent from N299.9 million in 2017 to N823 million in 2018.
Shareholders commended the company for increasing its dividend payment, urging the board and management to sustain its growth trajectory.
They charged the company 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.
Shareholders 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 April 1, 2019.
Shareholders said the appointment has restored confidence in the ability of Nigerians to lead multinationals, urging Adeboye to justify her elevation by sustaining the momentum built by the immediate past managing director by taking the company to greater heights.
Shareholders also applauded the appointment of Mr. Ogaga Ologe, the company’s erstwhile Financial Controller, who was appointed as the new Finance Director.
Mondelz International, a global snacking powerhouse, holds 74.99 per cent majority equity stake in Cadbury Nigeria, while the remaining 25.01 per cent are held by a diverse group of Nigerian individual and institutional investors.