Daily Archives: October 22, 2016

Cadbury Nigeria posts 9-months loss of N842m

Cadbury Nigeria Plc, said on Thursday it recorded a net loss of N842m in the first nine months of 2016 ending 30 September. In the same period in 2015, the company made N29m in profit.

The maker of Bournvita has come under pressure on multiple fronts in a slowing economy that has seen inflation spike to 17.9% as of September, made worse by the June 20 naira devaluation which has made borrowing costs more expensive, reflected in higher cost of goods sold. And as with most FMCG companies in the country, obtaining foreign exchange to buy needed raw materials continues to pose a challenge. Compounding the problem for the firm is a weakened consumer purchasing power and competition from rivals in the market. The losses reached N1bn in the third quarter (July – September).

Guinness Nigeria appoints Emmanuel Egerton-Shyngle Commercial Director

Guinness Nigeria Plc has announced the appointment of Emmanuel Egerton-Shyngle as its new Commercial Director, effective 1st November 2016. He will be taking over from Paul Costigan who will be moving into other roles within Diageo.

Peter Ndegwa, Managing Director/CEO, Guinness Nigeria Plc said: “I am really excited to have Emmanuel in this new role as he builds upon the work that Paul has started and continues the execution of our aligned commercial strategy over the coming period. I want to really thank Paul for his immense contribution to developing our sales organisation over the past two years.