Cadbury Nigeria has announced its half-year results for 2009. For the six months ending June 30,2009, the un-audited results show a turnover of N11.92 billion and underlying operating profits of N396 million. The confectionary giant, also announced the appointment of Atedo Peterside, and Adedotun Sulaiman, as non-executive directors to support its on-going rebuilding programme with effect from August 5, 2009.
This indicates 4 per cent growth on turnover and a 227 per cent improvement on operating profit against the corresponding period in 2008. The company also reported a loss before tax of N1.2 billion for the same period due to high level of interest charges on historical debts carried by the company.
In a statement to announce the filing, the company spokesman, Kufre Ekanem, said: “The directors are pleased with the half-year operating performance. We have grown the top line in turnover and operating profits. However, our bottom line performance has been held down by high interest charges since the borrowing position of the company has remained unchanged”.
According to Ekanem, “we have recently made application to the regulatory bodies to embark upon a rights issue that will address the high level of interest payments and our directors are optimistic of the outcome of this process”.
Announcing the appointments of the new directors, Kufre Ekanem, corporate affairs manager of Cadbury Nigeria said, “we are about to embark on the next important phase of our re-building programme and, after an extensive and thorough search process, we are very pleased that experts of the calibre of Messrs. Peterside and Sulaiman have accepted our invitation to join the board of Cadbury Nigeria plc at this time”.