By Dipo Olowookere
Cadbury Nigeria Plc has released its audited results for 2016 and from the analysis, the company recorded a pre-tax loss of N563 million compared with N1.6 billion profit in 2015.
However, the firm posted a turnover of N29.979 billion in 2016, showing an increase by 8 percent from N27.825 billion in 2015.
Also, cost of sales went up from N18.9 billion to N23 billion, bringing gross profit to N6.86 billion, compared with N8.9 billion in 2015.
Selling and distributing expenses stood at N5.59 billion, as against N5.6 billion in 2015, while administrative expenses increased to N2.058 billion, from N1.909 billion. Net finance cost stood at N169.98 million, compared with N156.796 million in 2015.
However, a tax credit of N266 million, reduced the loss after tax to N296 million, compared with profit of N1.15 billion. The market reacted negatively to the results as the share price fell by 5.0 per cent to lead price losers at the stock market.
Consequently, shareholders of Cadbury Nigeria Plc are to be without dividend for 2016.
more recommended stories
Access Bank to Reward Over 1,000 Customers July 15
By Dipo Olowookere Not less than.
Stanbic IBTC Upgrades Mobile App for Seamless Transactions
By Modupe Gbadeyanka New exciting features.
COVID-19: Heritage Bank Disinfects Ikeja Branch
An Experience Centre (EC) branch of.
Ecobank Nigeria Reaffirms Support for Agric, SMEs
By Modupe Gbadeyanka Stakeholders in the.
Nigerian Banks to Witness Acute Funding Challenges
By Adedapo Adesanya A global rating.
Zenith Bank Retains Spot as Number One Tier-1 Bank in Nigeria
By Dipo Olowookere The Banker Magazine.
Ecobank in Final Lap of 5-year Growth Strategy
By Dipo Olowookere The growth strategy.
Fidelity Bank Supports Contractor of $2.8bn AKK Gas Project
By Dipo Olowookere The chief executive.