Cadbury Nigeria Plc has announced a rise of 277 percent in profit after tax (PAT) to N648 million for the nine months ended September 30, 2019.
Following it unaudited results, the company reported a revenue of N28.912billion, representing an increase of 7.2 per cent over the N26.959billion revenue reported within the same period in 2018.
According to a statement by Cadbury Nigeria, it stated that it recorded gross profit of N5.857billion, showing an increase of 10.4 per cent over the N5.306billion that was reported for the same period in 2018. The company recorded a net finance income of N114 million in 2019 as against a net finance cost of N426 million in 2018, a development that boosted its bottom-line.
Consequently, profit before tax rose by 266 per cent to N926 million from N253 million in 2018, while PAT grew faster by 277 per cent to N648 million in 2019 to N172 million in 2018. According to the company, the result reflects a sustained positive trend in its performance.
Market analysts said the performance has rekindled shareholders’ hope for higher dividend in line with the promise made by the company last July. The company had paid a dividend of N471 million that translated to 25 kobo per share for the 2018 financial year.
The Chairman of Cadbury Nigeria Plc, Mr. Atedo Peterside, while speaking at the 54th annual general meeting (AGM), assured shareholders of company’s continued efforts to create more value for them and sustain its progressive dividend policy.
According to him, the company would continue its cost-cutting measures, effective marketing strategy, ensuring superlative performance of its various brands. The shareholders commended the performance and pledged their support for better performance going forward.
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