Cadbury Nigeria Plc released its 2015 financial statement today recording a 9 percent drop in revenue from N30.52 billion in 2014 to N27.83bn in 2015.
The fast moving consumer goods giant saw its pretax profit fall from N2.39 billion in 2014 to N1.58 billion in 2015 reflecting declining earnings.
Profit for the year took a hit, suffering a decline of 46 percent from N2.13 billion in 2014 to N1.15 billion in the period under review.
Taxation increased from N248.5 million in 2014 to N424.1 million in 2015 representing a 70 per cent rise in taxation.
Meanwhile the company recommended a 65 kobo per share on 2015 earnings
The results follow the trend witnessed in recent times in Nigerian Stock Exchange were stocks listed under industry goods category expressed declines.
The NSE consumer goods index closed at – 0.72 per cent in the first quarter of 2016 indicating that Quarter 1 results may not give much cause for cheer.
The consumer goods category includes: beverage (brewers/distillers); beverage (non-alcoholic); food products; food products (diversified); household durables; and personal/household products.
Operating in this category are firms like Cadbury Nigeria Plc, Nestle Nigeria Plc, Vitafoam Nigeria Plc, Vono Products Plc, PZ Cussons Nigeria Plc and Unilever Nigeria Plc.
Overall, the NSE All-Share Index declined by 0.96 per cent; NSE Main Board Index fell by 1.60 per cent; the NSE 30 Index also fell by 0.94 per cent; and NSE: Lotus II Index depreciated by 5.98 per cent.
“Among emerging markets, recession has materialised in Brazil and Russia, and the trend is likely to continue amid weakening oil and other commodity prices. The Nigerian stock market had already lost $30bn since July 2014,” said Oscar Onyema, Chief Executive Officer, NSE.
ISAAC ANYAOGU
