Cadbury Nigeria Plc recorded well-rounded performance between January and last month, growing net profit by 2,195 per cent during the quarter.
Key extracts of the interim report and accounts of Cadbury Nigeria for the period ended March 31, 2019, showed that gross revenue rose by 12.7 per cent from N8.24 billion in first quarter 2018 to N9.28 billion in first quarter 2019. Gross profit increased by 32 per cent from N1.8 billion to N2.38 billion.
Profit before tax leapt by 2,232 per cent from N31 million in first quarter 2018 to N723 million in the first quarter of 2019. After taxes, net profit rose from N22 million in first quarter 2018 to N505 million in the first quarter of this year.
Cadbury Nigeria’s first quarter result reflects a sustained positive trend in the company’s performance. In the audited report for 2018, 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.
Cadbury Nigeria recently announced the appointment of Mrs Oyeyimika Adeboye as Managing Director with effect from April 1, 2019. Mrs Adeboye, the first woman to be appointed Managing Director since the establishment of Cadbury Nigeria over five decades ago, is expected to build on the legacies of Mr Amir Shamsi, who has been credited with the turnaround of the Nigerian subsidiary.
With the Nigerian business in recovery mode, Shamsi was recently reassigned to a new role within Mondelçz International, the parent company of Cadbury Nigeria. Mondelçz International holds 74.99 per cent majority equity stake in Cadbury Nigeria.
During his tenure, Shamsi made an invaluable contribution to the turnaround of the business and drove Cadbury’s growth agenda, including top-line, bottom-line.