Directors of food beverages giant- Cadbury Nigeria, on Thursday presented its audited financials for the year ended December 31, 2018, showing that that profit before and after tax grew significantly faster than revenue, just as cost of sales growth and other expenses were put under check.
The directors have therefore proposed a 25 kobo dividend per share, from 44 kobo earnings, which was a robust improvement from the 16 kobo recorded in 2017.
Sales revenue limped 8.75% up from N33.079bn in 2017, to N35.973bn, with N31.036bn from domestic sales, up from N29.386bn; while export sales yielded N4.937bn, from N3.693bn. Cost of sales rose to N28.017bn from N25.644bn, representing a 9.25% limp; following which gross profit stood at N7.956bn from N7.435bn.
Other income for the period took a 79.67% plunge from N99.34m to N20.19m, being the N12.679bn earned from sale of by-products, down from N22.544bn; even as gain on disposal of property, plant and equipment contributed N7.514bn, compared to N76.793bn a year earlier.
Selling and Distribution expenses stood at N4.706bn from N5.228bn; administrative expenses was flat at N1.571bn from N1.594bn; leaving operating profit at N1.698bn, up by 138.74%, when compared with the N711.37m reported in the corresponding period of 2017.
Finance income, being interest on bank deposits was down 37.53% from N186.92m to N116.77m; finance costs (interest expenses) inched 8.08% up at N592.23m from N547.96m; leaving net finance cost at N475.46m from N361.05m.
Profit before tax stood at N1.222bn, which represented 249.06% from N350.32m; as profit after tax notched from N300m in 2017 to N823.09m