Cadbury Nigeria incurs N12bn loss on higher costs

Cadbury Nigeria, a food, sweets and drink company in Nigeria, has recorded an after-tax loss of N11.9 billion in the first nine months of 2024 as a result of huge cost of operations, BusinessDay analysis shows.

The consumer goods firm recorded an after-tax loss amounting to N11.9 billion in the nine months of 2024, from an after-tax loss of N10.2 billion in the same period of 2023.

Further analysis reveals that the firm recorded an increase in cost of sales to N74.8 billion from N42.9 billion while net finance cost grew to N23.2 billion from N19.9 billion.

The firm’s total revenue grew to N89.5 billion from N59.2 billion. Revenue was obtained from domestic sales which amounted to N78.9 billion and export sales (N10.7 billion).

Cadbury Nigeria’s finance income dropped to N343.8 million from N1.79 billion during the period reviewed.

The firm’s other income grew to N1.12 billion in nine months of 2024 from N66.6 million in the same period of 2023.

Cadbury Nigeria Plc announced the appointment of Oyeyimika Adeboye as its new managing director, effective April 1, 2019.

According to a statement by the firm, Adeboye makes history as the first woman to lead the company in over five decades since its establishment.

Adeboye takes over from Amir Shamsi, who has moved to a new role within Mondelēz International, Cadbury Nigeria’s parent company. Under Shamsi’s leadership, Cadbury Nigeria witnessed significant progress, particularly in driving top-line, and bottom-line growth, and fostering talent development.

In her new role, Adeboye brings a wealth of experience in finance, strategy, and business administration, honed both in Nigeria and the United Kingdom.

She joined the Cadbury Nigeria board in November 2008 as the finance and strategy director for West Africa. Her career before Cadbury includes serving as director of finance and chief financial officer for Nigerian Bottling Company Plc, as well as roles in accounting and tax practices 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. She holds a Bachelor of Science degree in Economics and Social Studies from University College Cardiff, Wales, and executive management education from the Institute of Management Development (IMD) in Lausanne, Switzerland.

Alongside her promotion, Ogaga Ologe has been named as the new Finance Director. Ologe, who joined Cadbury Nigeria in 2012 from KPMG Professional Services, succeeds Adeboye in this position. He holds a Bachelor of Science in Physics from Delta State University and is a qualified Chartered Accountant.

In the firm’s nine months financial books, inventories grew to N18.26 billion in September 2024 from N11.94 billion in December 2023. Trade and other receivables rose to N9.45 billion from N7.32 billion during the same period.