Cadbury Nigeria plc, manufactures of Bournviter and other beverages reported NGN766.3 million net loss for the second quarter 2017 compared to NGN147.1 million profit recorded same period fiscal year 2016.
Cadbury Nigeria ended the quarter with higher revenue of NGN16.2 billion in contrast to NGN13.9 billion it recorded same period 2016 while costs of sales NGN13.0 billion against NGN9.8 billion in the previous year.
The company’s gross profit fell to NGN3.1 billion in the period under review compared to NGN4.0 billion posted in the year before while operating loss was NGN558.4 million against NGN132.7 million profit in the financial year 2016.
The total asset was NGN30.9 billion compared to NGN28.3 billion acquired in 2016 while total liabilities was NGN20.4 billion versus NGN17.3 billion in the year before.
The origins of Cadbury Nigeria Plc. date back to the 1950s when the business was founded as an operation to source cocoa beans from Nigeria and as a precursor to enable the company’s founders to tap opportunities for serving the local consumer-market with world-famous, Cadbury-branded products.
In the early 1960s, an initial operation was established to re-pack imported bulk products. This packing operation grew rapidly into a fully-fledged manufacturing operation and resulted in the incorporation of Cadbury Nigeria Limited in January 1965. In 1976, the firm became a publicly listed company with shares traded locally on the Nigerian Stock Exchange.
Cadbury Nigeria has grown to become a household name providing consumers with much-loved brands and revenue of N35.7b in 2013.