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Cadbury’s half-year turnover sheds N3.538 billion

Confectionery and beverage maker, Cadbury Nigeria Plc, said Thursday it saw a slump in revenue of N3.538 billion in the first half of 2020.

The turnover, standing at N15.917 billion, was 18% lower when set beside the figure for the corresponding period of 2019, which was N19.455 billion.

“The company has implemented safety guidelines and is currently monitoring the impact of the pandemic on its business.

“The company has concluded that the pandemic, is a non-adjusting event which does not require any adjustment to the interim financial information for the period ended 30 June 2020.

“However, given the complexity and rapid escalation of events, it is not currently practicable to make a reliable quantified estimate of the potential impact on the Company,” Cadbury said without mentioning reasons for the negative drift in its unaudited interim financial statement for the period in question, posted by the Nigerian Stock Exchange (NSE).

READ ALSO: Cadbury declares N0.49 per share dividend

Profit Before Income Tax was N766.657 million, 20% lower than the N957.055 million reported in the same period last year.

Profit for the Period similarly contracted by 20%, falling from N669.938 million to N536.660 million.

Basic Earnings Per Share (EPS) for the period declined by 19% to N0.29 from N0.36.

With outstanding shares of around 1.878 billion, Cadbury’s Price to Earnings (PE) ratio is 11.29 while its EPS is 0.64. Its dividend yield is 6.76%.

Majority owned by Cadbury Schweppes Overseas Limited with 74.97% stake, Cadbury Nigeria evolved from a precursory British merchant firm, leveraging the country’s blossoming cocoa trade of the 1950s to supply the commodity for processing abroad.

The Nigerian operation metamorphosed to a packaging plant, established to repack bulk imports before undergoing series of transformation with the passage of time.

Cadbury closed trade on the floor of the NSE on Thursday at N7.25 per share.

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