Shareholders of Cadbury Nigeria Plc wednesday approved the dividend of N912million for the year ended December 31, 2019, which translates to 49 kobo per share. Giving the approval at the 55th annual general meeting (AGM) in Lagos, the shareholders commended the company for sustaining its current dividend payment policy. They expressed delight with the 49 kobo received in 2019, which is an improvement on the 25 kobo paid in 2018.
In his address to the shareholders, Chairman, Cadbury Nigeria, Mr. Atedo Peterside, remarked that despite the challenging operating environment in the year under review occasioned by land border closure, dwindling consumer purchasing power, and inability to resolve the intractable congestion at the Apapa ports, the company showed resilience and ended 2019 on a positive note.
Cadbury grew profit before tax rose by 26 per cent from N1.223 billion to N1.545 billion, while profit after tax jumped by 53.9 per cent from N823 million to N1.267 billion in 2019.
According to Peterside, their brands continued to perform well in the market despite the difficult operating environment, and in the face of intense competition.
“For instance, we started sea shipment of 3 in 1 Hot Chocolate cocoa beverage from Ghana to Nigeria, when it became apparent that government was not going to re-open the land borders soon. Our sales and marketing team were active and aggressive in ensuring that all our brands are available to consumers across the country. Our iconic Bournvita beverage, Clorets chewing gum as well as TomTom, the classic functional candy, all contributed towards our growth in 2019,” the chairman said.