Cadbury Nigeria, a prominent player in the food, sweets, and beverage sector, has posted an after-tax loss of N11.9 billion for the first nine months of 2024, primarily due to significant operational costs, according to an analysis by BusinessDay.
This year’s after-tax loss represents an increase from a loss of N10.2 billion during the same period in 2023.
The company’s cost of sales surged to N74.8 billion, up from N42.9 billion, while net finance costs increased to N23.2 billion, compared to N19.9 billion in the previous year.
Despite these losses, Cadbury Nigeria’s total revenue rose to N89.5 billion, up from N59.2 billion. This revenue stemmed from domestic sales of N78.9 billion and export sales totaling N10.7 billion.
However, the company experienced a decline in finance income, which fell to N343.8 million from N1.79 billion during the reviewed period. Conversely, other income grew significantly, reaching N1.12 billion, up from just N66.6 million in the same timeframe last year.
In leadership news, Cadbury Nigeria announced the appointment of Oyeyimika Adeboye as the new managing director, effective April 1, 2019. Adeboye is notable for being the first woman to lead the company in over fifty years.
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She succeeds Amir Shamsi, who has transitioned to a new role within Mondelēz International, Cadbury Nigeria’s parent company.
Under Shamsi’s leadership, the firm made considerable strides in enhancing both top-line and bottom-line growth and nurturing talent.
Adeboye brings extensive experience in finance, strategy, and business administration, acquired in both Nigeria and the United Kingdom.
She joined the Cadbury Nigeria board in November 2008 as the finance and strategy director for West Africa.
Her prior experience includes serving as the finance director and CFO for Nigerian Bottling Company Plc and positions in accounting and tax at Arthur Andersen & Co. and Midgley Snelling & Co. in the UK.
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.
Adeboye holds a Bachelor of Science degree in Economics and Social Studies from University College Cardiff, Wales, and has completed executive management education at the Institute of Management Development (IMD) in Lausanne, Switzerland.
Additionally, Ogaga Ologe has been appointed as the new Finance Director. Ologe, who joined Cadbury Nigeria in 2012 from KPMG Professional Services, takes over Adeboye’s previous role.
He holds a Bachelor of Science in Physics from Delta State University and is a qualified Chartered Accountant.
In terms of financial health, the company’s inventories increased to N18.26 billion in September 2024, up from N11.94 billion in December 2023. Trade and other receivables also rose to N9.45 billion from N7.32 billion during the same period.
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