Price of Cadbury Nigeria Shares plunged by 7.29 percent on Thursday following a 84 percent decline in profit after tax to N172 million in the 2020 financial year.
The company announced that profit before tax dipped by 84 from N1.539 billion recorded in 2019 to N246.665 million in 2020.
Also, Cadbury Nigeria’s total equity declined by 5 percent from N13.566 billion achieved in 2019 to N12.877 billion in 2020.
However, while the company managed to moderate the cost of sales to N29.640 billion in 2020, down from N31 billion in 2019, investors appear to have started dumping the company’s shares.
Also, read Cadbury Nigeria Profit Plunges by 84 Percent in 2020
On Thursday, investors traded 5,169,662 shares of Cadbury Nigeria, the highest in 2021, especially when compared to 175,058; 244,847; 535,148 and 433,686 traded on Wednesday, Tuesday, Monday and Friday, respectively.
The stock price declined by 7.29 percent from N9.60 it exchanged per share on Wednesday to N8.90 on Thursday after investors have digested the company’s unaudited financial statements for the year.
Cadbury Nigeria market value stood at N16.716 billion as of Friday, 29 January 2021, while outstanding shares stood at 1.878 billion.
