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Cadbury Records N20.58bn Turnover Beverage and Confectionery manufacturers, Cadbury Nigeria Plc has announced an increase in its turnover by N20.58 billion for the 2003 financial year. According to the company's annual reports, Cadbury Nigeria posted a turnover of N20.58 billion representing a 28.5 per cent increase over the previous year's total turnover of N16.01billion. Chairman of the company, Dr. Uduimo J. Itsueli, declared that "the excellent results are a reflection of the clarity and single-minded pursuit of strategy which has been the underpining strength of the company's business". He affirmed the company's commitment to growing shareholder value and revealed that shareholders investment had more than tripled over the last four years. "We have been delivering annual total shareholder returns of 55 per cent," Itsueli said. The company also recorded significant increases in all other performance indices including operating profit which rose 16.3 per cent to N4.2 million in 2003 from the previous year's N3.6 billion. It profit before tax went up by 16.3 per cent from N3.2 billion in 2002 to N3.7 billion in 2003. The Chairman said the board has revalidated their long-term growth target with milestones in the context of opportunities in the growing Nigerian market and the West African sub-region. He added that this growth ambition was being pursued on three tracks: growing the base business, creating new market place winners and new product categories, and extending our geographical coverage. He noted that their capital expenditure plan to drive this growth has been sustained and they were delighted to report these investments were yielding positive results. He told the shareholders that the factory upgrade project has come off nicely and brought more of their processes to worldclass standards, enabling them to achieve phenomenal consistency, product quality, and plant efficiency. The Chairman, announced that the company commissioned new production facilities for the manufacture of Bubba Bubble Gum, which was introduced to the market at the end of the 2003. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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