The Board restated its commitment to sustaining the company’s dividend policy as shareholders approved the distribution of N471 million as cash dividend for the 2018 business year. Shareholders will receive 25 kobo per share for the 2018 financial year compared to 16 kobo per share in 2017.
The Chairman of the Board of Directors of Cadbury Nigeria Plc, Atedo Peterside, said the company’s good performance in 2018 was helped by success of its cost-cutting measures, effective marketing strategy, and superlative performance of its various brands.
He remarked that the company re-launched its flagship cocoa beverage drink, Bournvita in 2018, in line with consumer’s tastes and preferences, noting that feedback from consumers indicated that the new Bournvita has gained wide acceptance.“Cadbury Hot Chocolate 3-in-1 brand, our treat portfolio, recorded substantial growth, driven by its unique offering, while our gum and candy brands also recorded success in their respective categories. In addition, we sustained our current price competitiveness, and increased our route-to-market coverage and footprint in 2018,” Peterside said.
Cadbury Nigeria reported 174% increase in profit in full year 2018 to N823m from N300m in 2017, driven by a 9% sales growth to N35.9bn from N33bn in the previous year as well as cost management initiatives.
Shareholders commended the company for increasing its dividend payment and charged them to bolster the performance of its brands and also find ways to produce its 3-in-1 Hot Chocolate in Nigeria to create more jobs instead of the current method of importation from Ghana.
Shareholders also commended Mondelez International and the Board of Directors of Cadbury Nigeria for the appointment of Mrs. Oyeyimika Adeboye as the first female Managing Director of the company, effective April 1, 2019.
Shareholders said the appointment has restored confidence in the ability of Nigerians to lead multinationals, urging Adeboye to justify her elevation by sustaining the momentum built by the immediate past managing director by taking the company to greater heights.
Mondelez International is the parent company of Cadbury Nigeria Plc and holds 74.99% stake in the beverage firm with a diverse group of Nigerians and institutional investors holding the remaining 25.01%.