There was a general sense of pride and joy when, on March 22, 2019, Mrs Adeboye Oyeyimika was announced as the new Chief Executive Officer of Cadbury Nigeria Plc. The widespread positive reaction stemmed from the fact that she is the first woman to ever be appointed to that position throughout the history of the 56-year old company. Cadbury Nigeria is a major manufacturer of consumer goods and one of the biggest companies in Africa’s most populous nation. The company is also majority-owned by Mondelez International Inc., an American multinational food manufacturer headquartered in Chicago, Illinois.
It’s been two years since the April 1, 2019 when Mrs Oyeyimika officially took over from her predecessor, Pakistani national Muhammad Amir Shamsi. So, we are taking stock of her performance, specifically looking at how the company has fared financially under her leadership.
A Quick Look at the Company’s Financials prior to Oyeyimika’s Appointment
Cadbury Nigeria has mostly been a very profitable company over the years, except for a brief period of “profit drought” in 2016 when it reported a loss after tax of N296.4 million. But that changed for the better in 2017 when, under the leadership of Muhammad Amir Shamsi, the company recorded a 200% increase in profit after tax to N299.9 million. As at 2018, the company’s profit had increased further to N823 million.
Cadbury Nigeria’s Performance under Mrs Adeboye Oyeyimika
As earlier mentioned, Mrs Oyeyimika assumed office on April 1, 2019. This means that the first quarter of the year was already over before she came onboard. But that notwithstanding, the company recorded an impressive profit after tax of N1.07 billion for the year ended December 31, 2019. This marked a 30% increase when compared to how much was reported during the comparable period in 2018. But then by 2020, Cadbury witnessed a dramatic 83.88% decline in its profit, down to N172.67 million.
Apparently, the COVID-19 pandemic was responsible for the abysmal performance. An explanatory note accompanying the company’s 2020 audited financial statement noted that there was a significant decrease in both domestic and export sales due to the pandemic. This decline in sales invariably led to a 9.97% decline in revenue. And the fact that cost of sales remained barely unchanged and disproportionate to the decline in revenue contributed to so much pressure on both gross profit and profit after tax…
For the rest of this profile and other amazing stories of African female entrepreneurs, read our Top 30 African Women Entrepreneurs and Influencers below.