Cadbury Nigeria Reports N562.9m Loss

• Cadbury Nigeria Reports N562.9m Loss

Cadbury Nigeria Plc reported a loss before tax of N562.9m for the 2016 financial year, representeing a 136 per cent drop compared to last year’s performance.

This is against the profit of N1.58bn reported a year ago, according to documents filed with the Nigerian Stock Exchange on Tuesday.

The company’s revenue for 2016 stood at N29.9bn, as against N27.8bn posted a year ago.

Its gross profit for 2016 dropped by 23 per cent to close at N6.8bn compared to N8.9bn posted in 2015.

In January this year, Cadbury Nigeria announced the appointment of Mr. Muhammed Amir Shami as the new managing director of the company, effective from February 1, 2017.

Shami took over from the immediate past managing director, Mr. Roy Naaman, whose resignation took effect from January 31, 2017.

The food and beverage producer, for the nine months and third quarter ended September 2016 result of the company, posted a loss after tax of N842 15m from a profit of N28.55m recorded in September 2015.

Loss before profit in the Q3 was N842.15m from a profit of N40.78m reported in Q3 2015..

Revenue of the company dropped 1.19 per cent to N21.32bn in the nine-month period of 2016 from N21.07bn in the corresponding period of 2015.