06-26-2020, 01:08 PM
Shareholders approve Cadbury Nigeria’s N912m dividend
June 26, 2020
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SHAREHOLDERS of Cadbury Nigeria Plc yesterday approved the payment of N912 million as cash dividends for the 2019 business year amid commendations for continuing improvement in the performance of the food and beverages company. Shareholders will receive a dividend per share of 49 kobo.
The company’s 55th annual general meeting (AGM) was conducted through virtual and streamed live on YouTube, in line with COVID-19 safety protocols, permitted by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).
Chairman, Cadbury Nigeria Plc, Mr. Atedo Peterside explained that despite the challenging operating environment in the year under review occasioned by land border closure, dwindling consumer purchasing power, and inability to resolve the intractable congestion at the Apapa ports, the company showed resilience and ended 2019 on a positive note.
He said the company’s brands continued to perform well in the market despite the difficult operating environment, and in the face of intense competition.
“For instance, we started sea shipment of 3 in 1 Hot Chocolate cocoa beverage from Ghana to Nigeria, when it became apparent that government was not going to re-open the land borders soon. Our sales and marketing team were active and aggressive in ensuring that all our brands are available to consumers across the country. Our iconic Bournvita beverage, Clorets chewing gum as well as TomTom, the classic functional candy, all contributed towards our growth in 2019,” Peterside said.
Shareholders at the AGM praised the company for sustaining its current dividend payment policy, expressing delight with the 49 kobo received in 2019, up from 25 kobo in 2018. The shareholders enjoined Cadbury Nigeria to continue to be innovative to remain competitive in the dynamic business environment.
Key extracts of the audited report for the year ended December 31, 2019 showed that total turnover rose from N35.97 billion in 2018 to N39.33 billion in 2019. Profit before tax also increased from N1.22 billion to N1.54 billion while profit after tax jumped from N823 million in 2018 to N1.07 billion in 2019.