April 26, 2019/Cadbury Nigeria Plc
Cadbury Nigeria Plc (“Cadbury Nigeria” or “the Company”) today announced revenue of N9,283billion for the three months ended March 31, 2019. This represents an increase of 12.7 percent over N8,235billion revenue realised within the same period in 2018. The Company also recorded gross profit of N2,375billion, representing an increase of 32 percent over the N1,799billion, which was reported for the same period in 2018. Cadbury Nigeria’s profit for the period stood at N506million, which translates to 2200 percent growth, when compared to N22million realised in the first quarter of last year.
Cadbury Nigeria’s first quarter result reflects a sustained positive trend in the Company’s performance. In its full year result for 2018, profit before tax surged by 242.9 percent to N1.2billion, from N350million in 2017. The Company also reported an increase of 174 percent in its profit after tax from N299.9million to N823million, within the same period.
Cadbury Nigeria had announced the appointment of Mrs. Oyeyimika Adeboye as Managing Director, effective 1st April, 2019. Mrs. Adeboye took 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 invaluable contribution to the turnaround of the business, and drove Cadbury’s growth agenda with respect to top-line, bottomline and talent.
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 was the erstwhile Company’s Financial Controller, was also appointed as the new Finance Director. Mr. Ologe, who succeeded 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).
