National Wire About Nigerians, Nigerian Business and Other Stories
Cadbury Nigeria Plc, on Thursday, March 21, 2019, released its audited financial statement for the period ended December 31, 2018, with an improvement at the top and bottom lines of its earning. The makers of Bournvita was able to grow its revenue by 8.75 percent from N33,079 billion in 2017 to N35,973 billion in 2018.
The highlight of the company result shows that profit for the period was up by 174.36 percent from N299,998 million in 2017 to N823, 085 million in 2018. Profit before tax grew by 249.06 percent to N1,222 billion above N350,317 million that was recorded in 2017. Earnings per share stood at 0.44 in 2018 above 0.16 in 2017 an increase of 174.36 percent.
Another aspect of the 2018 full year financial shows that cost of sales was up by 9.25 percent from N25,644 million in 2017 to N28,017 million in 2018. Selling and distribution expenses were up by 9.98 percent. While finance cost went up by 8.08 percent from N547,963 million in 2017 to N592,231 million in 2018.
Meanwhile, the board has announced the appointment of a new Managing Director and finance director. Mrs. Oyeyimika Adeboye as Managing Director, effective 1st April, 2019. Mrs. Adeboye takes over from Mr. Amir Shamsi, who moves on to a new role within Mondelēz International, the parent company of Cadbury Nigeria. Mrs. Adeboye is the first woman to be appointed Managing Director since the establishment of Cadbury Nigeria over five decades ago.
Mrs. Adeboye, a chartered accountant, joined the Board of the Company in November 2008, as Finance and Strategy Director, West Africa. During his tenure as Managing Director, Mr. Shamsi made an invaluable contribution to the turnaround of the business and drove Cadbury’s growth agenda with respect to top-line, bottomline, and talent.
Mrs. Adeboye’s appointment attests to the Company’s commitment to promoting gender equality, diversity, and inclusion. Prior to joining Cadbury Nigeria, Mrs. Adeboye was the Director of Finance and Chief Financial Officer of Nigerian Bottling Company Plc. She previously worked for the erstwhile Accounting and Tax Practice of Arthur Andersen & Co as well as the United Kingdom Accounting practice of Midgley Snelling & Co., Chartered Accountants.
Mrs. Adeboye has an impressive track record in finance, strategy and business administration both in Nigeria and the United Kingdom. She is a fellow of the Institute of Chartered Accountants in England and Wales and a member of the Institute of Chartered Accountants in Nigeria. Mrs Adeboye has a Bachelor of Science honours degree in Economics and Social Studies from the University College Cardiff, Wales and executive management education certification from the Institute of Management Development (IMD), Lausanne, Switzerland.
Mr. Ogaga Ologe, who is the Company’s Financial Controller, has been appointed as the new Finance Director effective 1st April 2019. Mr. Ologe, who succeeds Mrs. Adeboye, joined Cadbury Nigeria in 2012, from KPMG Professional Services where he led the audit of the financial statements for many multinationals. He holds a Bachelor of Science honours degree in Physics from Delta State University, Abraka. He is a qualified Chartered Accountant from the Institute of Chartered Accountants in Nigeria (ICAN).
Photo Caption: Cadbury Nigeria Plc Logo
