Cadbury Nigeria 2014 pretax profit falls 80%

Cadbury Nigeria posted a 2014 pretax profit of N1.46 billion ($7.34m) on Friday, down 80 percent from a year earlier.

Turnover declined to N30.51 billion from N35.76 billion, the food and confectionery maker said in a statement.

Cadbury proposed to pay a dividend of N0.65 per share, up from N0.5 a year earlier.

Businesses in Africa’s largest economy are being challenged by a tough macro environment characterised by falling oil prices, devalued naira, higher inflation and lower purchasing power.

The IMF expects growth to slow to about 4 percent this year from 6.5 percent in 2014.