Cadbury Nigeria Plc has declared a 73.5% year-to-year fall in earnings before tax to N408.1 million for the 2020 financial year.
The declaration was made recently through the Nigeria Stock Exchange.
Furthermore, the firm also said it gave out a dividend of 18 kobo; lower than the 49 kobo total dividend announced in 2019.
The statement of account also showed that Cadbury’s revenue declined by 2.78% YoY to N35.41 billion; a situation caused by the challenges of the COVID-19 pandemic which laffected all types of business
Due to the pandemic, domestic sales declined by a single digit 6.5% to N32.3 billion.
The statement also revealed that it’s export sales declined significantly by 36.24% to N3.1 billion.
Covid-19 pandemic has greatly affected businesses in Nigeria and all over the world. A situation that made profits of many firms to decline.