BY FRANKLIN ALLI

…receives N2.8bn EEG grants
Cadbury Nigeria Plc is paying its shareholders dividend totaling N1.564 billion for financial year ended December 31, 2012.

This was after seven years without dividend paid to its shareholders due to profits ploughed back by the company’s management to rebuild and sustain the business.

The Company also got N2.8 billion as Export Expansion Grants from the Federal Government through the Nigerian Export Promotion Council for promoting non- oil exports in the country during the year under review.

“It’s a dividend of efficiency,” Atedo Peterside, Board Chairman, told the shareholders during their 48th annual general meeting in Lagos.

“We are pleased to be in a position to pay dividend to our shareholders this year; also we sincerely appreciate the support and patience of all our shareholders throughout the years of rebuilding the company when profits were ploughed back to sustain the business and dividends could not be paid,” he said.

He attributed the ability of management to have paid dividend this year, to “Operational efficiencies and cost control programmess of the company, which provided a strong platform to ensure that this top-line performance was not translated into the company’s profitability for the year under review.

“Thus, profit before tax for the year grew from N5 billion in 2011 to N5.5 billion in 2012. The company recorded a profit after tax of N3.4 billion.

“In view of this strong profitability and concomitant boost to the company’s shareholders’ fund, the Board decided to pay a total dividend of N1.564 billion,” he said.

Shareholders present at the meeting applauded the management of the company for the turn -around and profitability recorded in spite of the external challenges of doing business in the country.

The company’s Annual Report for the year also showed that it received N2.8 billion exports incentive, granted by the Nigerian Export Promotion Council (NEPC) for sales of its cocoa products through its subsidiary, Stanmark Cocoa Processing Limited, Ondo State.