Cadbury Nigeria shareholders applaud dividend increase to N471m

Shareholders of Cadbury Nigeria Plc have  applauded the board of the company  for increasing its dividend payment from 16 kobo in 2017, to 25 kobo per share in 2018, amounting to N471 million.

At the 54th Annual General Meeting (AGM) of the company in Friday in Lagos, the shareholders, while approving the proposed dividend, charged Cadbury Nigeria to continue to evolve ways of consolidating on the performance of its brands, while exploring other options including local manufacture of ‘Hot Chocolate 3 in 1’, which is currently imported from Ghana, to create more jobs locally.

Mr Atedo Peterside, chairman of the company, explained that Cadbury Nigeria Plc gave a dividend of N471 million to its shareholders in line with its current efforts to create more value for investors.

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Attributing the company’s positive growth in the year under review to success of its cost-cutting measures, effective marketing strategy, and superlative performance of its various brands, he assured that Cadbury Nigeria will continue to sustain its dividend policy.

He added: “We re-launched our iconic cocoa beverage drink, Bournvita, with a new improved taste, last year, in line with consumers’ tastes and preferences. Feedback from consumers indicate that the new Bournvita has gained wide acceptance.

“Cadbury Hot Chocolate 3-in-1 brand, our treat portfolio, recorded substantial growth, driven by its unique offering, while our gum and candy brands also recorded success in their respective categories. In addition, we sustained our current price competitiveness, and increased our Route-to-Market coverage/footprint in 2018.”

Shareholders at the AGM also commended Mondelez International and the Board of Directors of Cadbury Nigeria for the appointment of Mrs Oyeyimika Adeboye as the first female Managing Director of the company, effective April 1, 2019.

In their various remarks, the shareholders said the appointment has restored confidence in the ability of Nigerians to lead multinationals.

However, they charged Mrs Adeboye, who took over from Mr Amir Shamsi, to justify her elevation by sustaining the momentum and taking the company to greater heights.

They also welcomed the appointment of Mr Ogaga Ologe, the company’s erstwhile Financial Controller, who was appointed as the new Finance Director.