Cadbury PLC, a major competitor to Nestle PLC, has just released its half year unaudited result for 2016 showing the company has regained profitability with NGN147 million net profit for the period
Cadbury PLC is staging this comeback after its half year 2015 result showed that the company made a net loss of NGN250,7 million.
Showing the signs of Nigeria’s ailing economy and inflated food prices, the company’s gross sales fell NGN13,9 billion compared to the first half of last year when it reported NGN14,1 billion. However, cost of sales was cut down to NGN9,8 billion. Last year with a net loss, the company spent NGN10,0 billion within the same quarter under review.
Nestle PLC is Cadbury’s arch-rival in chocolate beverage category. Nestle’s Q2 profit expected soon. It is Q1 2016 result, the company’s gross sales rose to NGN 36 billion from NGN 27 billion the company declared in the same quarter last year.
Cadbury Nigeria Plc is a company domiciled in Nigeria. The address of the Company’s registered office is Lateef Jakande Road Ikeja. The Company is principally engaged in the manufacture and sale of branded fast moving consumer goods mostly to the Nigerian market, but increasingly for exports in West Africa.
The Company’s brands fall into three principal categories, namely refreshment beverages, confectionary and intermediate cocoa products. Cadbury Bournvita is the refreshment beverage, Tom Tom and Buttermint are the Confectionery products while Cocoa Butter is a key product in the intermediate cocoa category.
According to its filings at the SEC, Cadbury Nigeria Plc is owned 74.97% (2015: 74.97%) by Cadbury Schweppes Overseas Limited (“CSOL”), incorporated in the United Kingdom while CSOL is owned by Mondelez International and 25.03% (2015: 25.03%) by a highly diversified spread of Nigerian individual and institutional shareholders. Other than CSOL, no other shareholder held more than 5% of the issued share capital of the Company as at 30 June 2016.
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