- Cadbury Nigeria to Reposition Operations
Cadbury Nigeria Plc says it has embarked on a move to reposition its operations for improved efficiency.
In this light, the company, in a statement, said its revenue increased from N29.979bn in 2016 to N33.079bn in 2017, representing a 10 per cent growth while profit after tax also rose from N296m loss in 2016, to a profit of N299.998m in 2017, representing growth of 200 per cent.
In addition, the company reported a profit before tax of N350.317m in 2017, compared to the pre-tax loss of N562.871m recorded in 2016, which showed an increase of 163 per cent.
Based on the performance, the board of Cadbury Nigeria, according to the statement, has proposed a dividend payment of 16 kobo per share to its shareholders for the year 2017.
In the statement, the company’s Corporate and Government Affairs Director for West Africa, Mr. Bala Yesufu, was quoted to have said, “We have been working assiduously over the years to turn around our loss situation. We are happy to announce that we finally realised our vision to reposition Cadbury for improved performance, in 2017.
“We built our business on four key pillars, namely price competitiveness, aggressive route to market initiatives, sustained consumer-driven activations and exponential growth in our treat portfolio. Despite the difficult operating environment, the company recorded impressive growth in all these four areas, leading to its full return to profitability at the end of 2017.”
“As part of our repositioning drive, we have invested a lot in our human capital, pioneered some innovation in the industry, and acquired new world-class technology. We are confident that these investments will further strengthen our capabilities and enable us to deliver more value for our broad spectrum of stakeholders,” Yesufu added.
Cadbury Nigeria said it unveiled its new fully automated $50m state-of-the-art Bournvita plant in Agidingbi, Lagos, in 2015, adding that the plant had increased its production capacity and efficiency and positioned the brand to become more competitive.