Cadbury Nigeria Appoints New Managing Director

The board of directors of Cadbury Nigeria Plc has appointed Mr. Muhammad Amir Shamsi as a managing director of the company effective February 1, 2017. In a notice to the Nigerian Stock Exchange, yesterday, Cadbury said that Shamsi appointment follows the resignation of Mr. Roy Naaman with effect from January 31, 2017.Before this appointment, Shamsi was director, innovation kids wholesome, Global Biscuits, East Hanover, USA. Naaman has been managing director and an executive director of Cadbury Nigeria Plc since January 1, 2015. The companys shareholders called on the new managing director to reposition the company for growth.Reacting to the development, President of Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie said that the new management should work on returning the company back to profitability and put more effort to improve the performance of the company.The companys third quarter result for the period ended September 30, 2016 showed a revenue of N21.326 billion in 2016, up marginally from N21.073 billion in the corresponding period of 2015. Cost of sale rose from N14.671 billion to N16.848 billion, making the company to close the period with gross profit of N4.476 billion, as against N6.402 billion in 2015.However, Cadbury recorded a negative bottom-line, showing a loss after tax of N842 million, compared with a profit after tax (PAT) of N28.55 million in the corresponding period of 2016. Cadburys stock yesterday gained by 2.77 per cent to close at N9.28 from an opening of N9.03 per share.
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