By Nkiruka Nnorom
SHAREHOLDERS of Cadbury Nigeria Plc have approved N471million dividend earlier recommended by the Board of Directors for the year ended December 31, 2018.
The dividend translates to 25 kobo per every ordinary share of 50 kobo previously held by shareholders
Addressing shareholders at the 54th Annual General Meeting, AGM, in Lagos, Mr. Atedo Peterside, Chairman, Cadbury Nigeria, said the dividend declaration was in line with the company’s current efforts to create more value for investors and assured that Cadbury Nigeria will continue to sustain its dividend policy.
He attributed the company’s positive performance in the year under review to success of its cost-cutting measures, effective marketing strategy and superlative performance of its various brands.
The company during the year under review recorded 8.7 percent increase in revenue to N35.97 billion from N33.08 billion in 2017. Its profit after tax rose by 174.4 percent to N823.09 million from N299.99 million in the previous year.
He added: “We re-launched our iconic cocoa beverage drink, Bournvita, with a new improved taste last year in line with consumers’ tastes and preferences. Feedback from consumers indicate 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 footprint in 2018.”
Shareholders at the AGM applauded the company for increasing its dividend payment from 16 kobo in 2017 to 25 kobo in 2018. They charged Cadbury Nigeria to continue to evolve ways of consolidating on the performance of its brands, while exploring other options including local manufacture of Hot Chocolate 3 in 1, which is currently imported from Ghana, to create more jobs locally.
They also commended Mondelez International and the Board of Directors of the company for the appointment of Mrs. Oyeyimika Adeboye as the first female Managing Director of the company, effective April 1, 2019. In their various remarks, the shareholders said the appointment has restored confidence in the ability of Nigerians to lead multinationals.