Cadbury

Cadbury Nigeria's FY2025 numbers describe a company genuinely pulled back from the edge. Full-year profit before tax came in at ₦17.27 billion, compared with a ₦28.33 billion loss the year before, part of a broader wave of recovery among Nigeria's listed FMCG companies as foreign exchange markets stabilised through 2025. The recovery was visible well before the year closed, with Q1 2025 revenue up 57% to ₦37.23 billion and net profit of ₦5.98 billion reversing a ₦7.3 billion loss a year earlier; by the half-year mark, revenue had climbed 50% to ₦77.3 billion and shareholders' funds turned positive at ₦14.6 billion, a 674% swing in net assets per share helped along by a debt-to-equity conversion that converted foreign-currency obligations weighing on the balance sheet. Not every line moved the same direction, though: cash and cash equivalents fell 48% to ₦8.5 billion during H1, a reminder that an income-statement turnaround doesn't automatically translate into balance-sheet comfort.

Leadership has been in transition for most of the period, with Folake Ogundipe serving as Interim Managing Director from December 2025 before Ayman Hussein Gaafar, who brings FMCG experience from Procter & Gamble, Reckitt Benckiser, Danone, and Shan Foods, was appointed substantive Managing Director effective 15 May 2026 following a recommendation from the Board's Governance and Risk Committee. The Board also refreshed its non-executive composition, appointing Hisham Ezz El Arab and Dr Rasaq Adedoyin Salami in 2025 and 2026 respectively.

Cadbury Nigeria's underlying business, built around Bournvita's market leadership in refreshment beverages alongside TomTom and Buttermint in confectionery, and its cocoa processing operations, has remained structurally unchanged through this period of financial and leadership transition.