The Nation Newspaper

Tag: Cadbury

  • Kolade hails Cadbury’s commitment to better workforce at 60

    Kolade hails Cadbury’s commitment to better workforce at 60

    Cadbury Nigeria Plc has been adjudged one of the best places to work by virtue of its commitment to its workforce.

    Giving this verdict recently was Dr. Christopher Kolade, its former chairman.

    He spoke during a fireside chat as parts of activities lined up for its 60 years of operation in Nigeria.

    According to the technocrat, as Cadbury Nigeria Plc marks its diamond jubilee, the importance of adhering to core principles is of necessity because a company does not perform better than its people.

    He drew inspiration from Winston Churchill’s leadership during World War II, highlighting the need for leaders to adapt to changing contexts.

    Dr. Kolade also stressed the significance of prioritizing people and responsibility over status, citing a personal experience at Cadbury Nigeria.

    He emphasised that human capital aligns with the company’s commitment to sustainable growth and development.

    Dr. Kolade, the first indigenous CEO, Cadbury Nigeria Plc, charged workers to live up to expectation in the discharge of their duty.

    Citing his personal life philosophy, he said he begins with God the creator; proceed with Him; trust, follow and obey Him daily and totally rely on Him for the outcome.

    Read Also: Police detain father, friend for impregnating stepdaughter

    Waxing philosophical, he said, “Your responsibility leads to your status, without responsibility no status. If you don’t know your responsibility people will push you to the wrong part. Times change -and so do many other things; Good principles remain constant. Leaders are tenants of time.”

    The erstwhile CEO, who left the company 23 years ago, noted that, “people are the most important resource in the management of a business company. People look at status rather than responsibility.”

    He urged the audience to consider the following seven simple principles: “This business company gives something to people. People are seeking to obtain some value that they consider to be of appropriate quality and worth to themselves. People make business resources productive. Each person can give or demand his/her best. People can usually do better because they can (desire to) learn and apply the fruits of learning. Success, failure and mistakes are opportunities for learning. The Company does not perform better than its people.”

  • Lawson joins Cadbury Nigeria Board as Non-Executive Director

    Lawson joins Cadbury Nigeria Board as Non-Executive Director

    Cadbury Nigeria Plc has announced the appointment of Ms. Bunmi Lawson as a Non-Executive Director on the Board of Directors of the Company, with effect from 1st June 2024.

    The announcement was contained in a statement by Mr. Adedotun Sulaiman, Chairman, Cadbury Nigeria.

    The statement said Ms. Lawson’s appointment was ratified by shareholders at the Company’s last Annual General Meeting (AGM) in Lagos.

    According to the statement, Ms. Lawson is currently the pioneer MD/CEO of EDFIN Microfinance Bank Ltd, the first specialised education microfinance bank in Nigeria.

    Prior to joining EDFIN, Ms. Lawson was the MD of ACCION Microfinance Bank, one of the largest microfinance banks in the country.

    She was instrumental in its growth to a national bank covering 23 States with 62 branches.

    She was also an Executive Director of FATE Foundation Ltd/Gte, a leading business development service provider, and a co-owner, Executive Director of VLA Lawrence and Associates, a leading HR services organisation.

    Read Also: Police flood Abuja over #EndBadgovernace protest

    Ms. Lawson, who has over 32 years’ experience in finance, insurance, marketing, auditing, and banking, holds a master’s degree in business administration from the IESE Business School, University of Navarra, Spain.

    She is an alumnus of the Lagos Business School (LBS), a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Member of the Chartered Institute of Bankers of Nigeria (CIBN).

    She is also a Fellow of the Institute of Credit Administration of Nigeria, Institute of Credit and Collections Management of Nigeria, and Association of Investment Advisers and Portfolio Managers of Nigeria.

    Ms. Lawson is a director on the board of several organisations and has attended courses both locally and internationally at renowned institutions including Harvard Business School and INSEAD.

    Commenting on this, Sulaiman said, “Ms. Lawson brings on board a wealth of experience, and we look forward to her contributions to the growth of the business.”

    Oyeyimika Adeboye, MD, Cadbury Nigeria added: “We are pleased to welcome Ms. Lawson to our Board, and we believe that her wealth of experience will further enrich our diversity.”

  • Forex loan conversion increases core investor’s stake in Cadbury Nigeria to 79.4%

    Forex loan conversion increases core investor’s stake in Cadbury Nigeria to 79.4%

    Cadbury Schweppes Overseas Limited, a subsidiary of Mondelēz International Inc, has increased its majority equity stake in Cadbury Nigeria to about 79.4 per cent after conversion of a foreign loan into equities in the Nigerian subsidiary.

    Regulatory filing at the Nigerian Exchange (NGX) showed that a total of 402.08 million ordinary shares of 50 kobo each were listed in the name of Cadbury Nigeria in favour of Cadbury Schweppes Overseas Limited after the completion of the debt-to-equity conversion.

    The additional listing increased the total shareholding of Cadbury Schweppes Overseas from 1.41 billion ordinary shares of 50 kobo each or 74.97 per cent of total issued shares to 1.81 billion ordinary shares of 50 kobo each, representing about 79.4 per cent of the enlarged issued share capital.

    Cadbury Nigeria’s total issued share capital increased from 1.878 billion ordinary shares of 50 kobo each to 2.28 billion ordinary shares of 50 kobo each.  

    Head, Issuer Regulation Department, NGX Regulation (NGXRegCo), Godstime Iwenekhai, stated that the newly listed shares arose from the conversion of N7.036 billion intercompany loan to equity

    At an extraordinary general meeting in Lagos, shareholders of Cadbury Nigeria had endorsed the plan to convert about $7.72 million or N7.04 billion owed to Cadbury Nigeria’s majority shareholder, Cadbury Schweppes Overseas Limited, to equity.

    Under the approval, the loan would be converted into equity by the allotment of 402.083 million ordinary shares of 50 kobo each to Cadbury Schweppes Overseas Limited. Shareholders also approved increase in Cadbury Nigeria’s share capital from N939.101 million to N1.140 billion.

    Managing Director, Cadbury Nigeria Plc, Oyeyimika Adeboye, explained that the adoption of debt-to-equity conversion was due to challenges faced in sourcing dollars to repay the company’s foreign currency-denominated loans, due to persistent foreign currency scarcity experienced in the country.

    Read Also: Cadbury Nigeria grows sales by 43% in Q1

    Foreign exchange (forex) losses had pushed the company to a loss of N27.63 billion in 2023, despite considerable improvements in sales and underlying profitability.

    Key extracts of the unaudited report and accounts of Cadbury Nigeria for the year ended December 31, 2023 showed that the company recorded a turnover of N80.38 billion in 2023, 46 per cent increase on audited report of N55.21 billion in 2022. Gross profit rose from N7.72 billion in 2022 to N17.79 billion in 2023, an increase of 130 per cent. Operating profit jumped from N194.06 million to N8.4 billion. However, with foreign exchange losses, the company closed 2023 with loss of N27.63 billion as against pre-tax profit of N1.3 billion in 2022.

    Adeboye, said the company has sustained its current growth trajectory, despite the difficult operating environment in the country, due to its resilience as well as focus on revenue and cost management.

    According to her, the massive devaluation of the naira impacted negatively on businesses particularly operators in the fast-moving consumer goods (FMCGs) sector that rely on imported inputs.

    She noted that the increase in the company’s operating profit was an indication that the growth strategies that it has put in place are yielding fruit.

    “We operate in a challenging environment that requires a degree of creativity and tenacity to remain in business. Despite the strong economic headwinds we faced during the year under review, Cadbury Nigeria remains committed to delivering value for its various stakeholders and we shall continue to put our consumers at the heart of what we do,” Adeboye said.

  • Cadbury loses N19.09 billion

    Cadbury loses N19.09 billion

    Cadbury Nigeria Plc has announced a loss of 3,374 per cent for the year ended December 31, 2023. It recorded N19.09 billion loss, as against N583.1million posted the previous year.

    Its Company Secretary, Mrs Fola Akande, stated this in the firm’s annual report and financial statement sent to the Nigerian Exchange Ltd (NGX) yesterday in Lagos.

    Akande said the company’s Profit After Tax (PAT) for the year under review declined by 2,269 per cent to settle at N28.157billion, as against N1.298 billion recorded in 2022.

    She, however, stated that Cadbury Nigeria made a gross profit of N17.337 billion for its 2023 financial year, compared to N7.723 billion posted in year 2022, indicating an increase of 124 per cent.

    Read Also: Shareholders okay Cadbury Nigeria’s debt conversion

    The company said for the year ended 2023, the company’s revenue rose by 46 per cent to N80.379 billion, compared to N55.213 billion posted in the previous year.

    According to her, the company’s operating activities recorded an increase of 3,957 per cent, from N194.06 million posted in 2022 to N7.872 billion, as at Dec. 31, 2023.

    Akande said the company’s share capital traded flat at N939,101 in the year under review, as indicated in the year 2022 also.

    She noted that the total equity traded by the company in the year 2023 also dropped by 149 per cent to 6,513,678 as against 13,302,629 traded in the year 2022.

    The company secretary said that the market capitalisation of Cadbury Nigeria, which closed at N22.351 billion as at Dec.31, 2022, recorded 60 per cent increase within the year under review to settle at N35,685,837 as at Dec.31,2023.

  • Shareholders okay Cadbury Nigeria’s debt conversion

    Shareholders okay Cadbury Nigeria’s debt conversion

    Shareholders of Cadbury Nigeria Plc yesterday approved the conversion of the company’s outstanding dollar-denominated loan to shares in the company, in a major balance sheet restructuring aimed at freeing the company from the increasingly expensive loan.

    At the extraordinary general meeting in Lagos, shareholders endorsed the plan to convert about $7.72 million or N7.04 billion owed to Cadbury Nigeria’s majority shareholder, Cadbury Schweppes Overseas Limited, to equity.

    Cadbury Schweppes Overseas Limited, a subsidiary of Mondelēz International Inc, holds 74.97 per cent controlling equity stake in Cadbury Nigeria.

    Under the approval, the loan would be converted into equity by the allotment of 402.083 million ordinary shares of 50 kobo each to Cadbury Schweppes Overseas Limited.

    Shareholders also approved increase in Cadbury Nigeria’s share capital from N939.101 million to N1.140 billion.

    Managing Director, Cadbury Nigeria Plc, Oyeyimika Adeboye, explained that the adoption of debt-to-equity conversion was due to challenges faced in sourcing dollars to repay the company’s foreign currency-denominated loans, due to persistent foreign currency scarcity experienced in the country.

    Foreign exchange (forex) losses had pushed the company to a loss of N27.63 billion in 2023, despite considerable improvements in sales and underlying profitability.

    Key extracts of the unaudited report and accounts of Cadbury Nigeria for the year ended December 31, 2023 showed that the company recorded a turnover of N80.38 billion in 2023, 46 per cent increase on audited report of N55.21 billion in 2022. Gross profit rose from N7.72 billion in 2022 to N17.79 billion in 2023, an increase of 130 per cent. Operating profit jumped from N194.06 million to N8.4 billion. However, with foreign exchange losses, the company closed 2023 with loss of N27.63 billion as against pre-tax profit of N1.3 billion in 2022.

    Read Also: Cadbury Nigeria records 4228% increase in operating profit

    Adeboye, said the company has sustained its current growth trajectory, despite the difficult operating environment in the country, due to its resilience as well as focus on revenue and cost management.

    According to her, the massive devaluation of the naira impacted negatively on businesses particularly operators in the fast-moving consumer goods (FMCGs) sector that rely on imported inputs.

    She noted that the increase in the company’s operating profit was an indication that the growth strategies that it has put in place are yielding fruit.

    “We operate in a challenging environment that requires a degree of creativity and tenacity to remain in business. Despite the strong economic headwinds we faced during the year under review, Cadbury Nigeria remains committed to delivering value for its various stakeholders and we shall continue to put our consumers at the heart of what we do,” Adeboye said.

    She pointed out that Cadbury Nigeria was rated number one top employer in Nigeria by the Amsterdam-based Top Employers Institute recently. Cadbury Nigeria was rated number two last year in Nigeria and recognised with the prestigious Top Employer certification as a Regional Top Employer in Africa, for the third consecutive year.

    Adeboye described the award as a milestone and assured that the company remained focused on the future with commitment to excellence and innovation.

    “The well-being of our people will continue to drive us forward. We are excited about the opportunities that lie ahead and the positive impact we make together,” Adeboye said.

    She added that the company is focused on nourishing and delighting consumers with the right snacks and remains committed to its stakeholders.

  • Forex: Cadbury opts for debt-to-equity conversion to repay loans

    Forex: Cadbury opts for debt-to-equity conversion to repay loans

    • Foreign shareholding rises to 79.4%

    Cadbury Nigeria Plc plans to convert foreign-currency loans from its foreign majority shareholder, Cadbury Schweppes Overseas Limited,  into equity in a move aimed at reducing foreign exchange (forex) pressure  and high financing costs.

    Cadbury Schweppes Overseas Limited, controlled by Mondelez International Inc, is a major investor in Cadbury Nigeria with 74.97 per cent stake.

    In a regulatory filing, Cadbury Nigeria will be seeking shareholders’ approval on February 8, 2024 to convert an outstanding $7.7 million loan into equity in favour of Cadbury Schweppes Overseas.

    The company stated that the debt-to-equity conversion will help it to reduce exposure to foreign-exchange risk and its impact on earnings.

    Read Also; Iwuanyanwu: Tinubu should prioritise restructuring Nigeria

     “It will reduce finance costs and lead to improved profitability,” Cadbury Nigeria stated.

    Cadbury Nigeria is offering to sell 402.1 million ordinary shares of 50 kobo each to Cadbury Schweppes Overseas as a swap for outstanding debt of $7.7 million.

    Cadbury Nigeria explained that it borrowed $23 million from Cadbury Schweppes to settle outstanding third-party loans obtained to fund raw material imports and other input costs.

    Cadbury Nigeria said it was facing challenges servicing the foreign currency-denominated loans due to persistent foreign currency scarcity in the country.

    “The liberalisation of the foreign exchange market in June 2023 and attendant devaluation of the currency put further pressure on the company as the naira value of its foreign currency denominated loans increased significantly.

    “This resulted in an unrealised exchange loss of N20.6 billion and a loss after tax of N10.2 billion for the period ended, 30 September 2023,” Cadbury Nigeria stated.

    The company noted that it had been able to repay $18.6 million of the principal and accrued interest to the investor, leaving an outstanding balance of $7.7 million as of December 31, 2023.

    According  to the company, the settlement of a portion of the loan, however, crystallised an estimated foreign exchange loss of N13.5 billion.

    “In light of the above, the board of directors of Cadbury Nigeria has considered various options for settling the outstanding shareholder loan obligation and reducing the company’s exposure to foreign currency risk.

    “The conversion of the outstanding loan into equity was selected as the optimal option for the company, as it is expected to deleverage its balance sheet and save the Company further foreign exchange losses,” the company stated.

    Sareholders will need to vote and approve the proposal at an extraordinary general meeting (EGM) next month, following which the company will submit for approval from the Securities and Exchange Commission (SEC).

    The conversion of the $7.7 million debt to equity, according to the company, will result in the creation of 402.08 million shares, which will be handed to Cadbury Schweppes at N17.50 per share.

    Cadbury Schweppes presently holds 1.408 billion shares. The additional equity will increase its total holding to 1. 810 billion shares, with its stake rising from 74.97 per cent to 79.39 per cent.

    It will however reduce the combined stake of other shareholders from 25.03 per cent to 20.61 per cent while maintaining the same shareholdings at 470.07 million shares pre-conversion and post-conversion.

    The company’s share capital will be increased by N201.04 million through the creation of 402.08 million ordinary shares of 50 kobo each to accommodate the issuance of new shares. The new shares will rank side by side with all the existing shares in the company’s share capital.

    Commenting on the impact of the conversion, the board said it would create value for the shareholders and relevant stakeholders of the company.

    According  to the directors of the company,  the conversion will deleverage the balance sheet and reduce pressure on Cadbury Nigeria’s cash flows, leading to improved liquidity which could be channelled into better uses or returned to shareholders via dividends.

     “It will help reduce the Company’s exposure to foreign exchange risk and its impact on earnings,” the board said.

    Cadbury Nigeria said it will reduce finance costs and lead to improved profitability, as well as improve its financial ratios, such as debt-to-equity and coverage ratios, potentially enhancing the company’s financial standing and creditworthiness.

  • Cadbury shareholders get N471m

    The Board of Directors of Cadbury Nigeria Plc at the weekendassured shareholders that it would continue to work to create more value for investors.

    At the Annual General Meeting (AGM) in Lagos, the board reiterated its commitment to sustaining the company’s dividend policy as shareholders approved the distribution of N471 million as cash dividend for the 2018 business year. Shareholders will receive a dividend per share of 25 kobo for the 2018 business year as against 16 kobo paid for the 2017 business year.

    Chairman, Cadbury Nigeria Plc, Mr. Atedo Peterside, said the company’s positive performance last year was driven by success of its cost-cutting measures, effective marketing strategy, and superlative performance of its various brands.

    He noted that the company re-launched its iconic cocoa beverage drink, Bournvita, with a new improved taste in 2018 in line with consumers’ tastes and preferences, pointing out that feedback from consumers indicated that the new Bournvita has gained wide acceptance.

    Read Also: Cadbury grosses N9.3b in Q1

    “Cadbury Hot Chocolate 3-in-1 brand, our treat portfolio, recorded substantial growth, driven by its unique offering, while our gum and candy brands also recorded success in their respective categories. In addition, we sustained our current price competitiveness, and increased our route-to-market coverage and footprint in 2018,” Peterside said.

    Key extracts of the audited report and accounts for the year ended December 31, 2018 showed that the company’s full-year profit before tax surged by 242.9 per cent to N1.2 billion in 2018 as against N350 million in 2017. Net profit rose by 174 per cent from N299.9 million in 2017 to N823 million in 2018.

    Shareholders commended the company for increasing its dividend payment, urging the board and management to sustain its growth trajectory.

    They charged the company to continue to evolve ways of consolidating on the performance of its brands, while exploring other options including local manufacture of Hot Chocolate 3 in 1, which is currently imported from Ghana, to create more jobs locally.

    Shareholders also commended Mondelez International and the board of directors of Cadbury Nigeria for the appointment of Mrs. Oyeyimika Adeboye as the first female Managing Director of the company, effective April 1, 2019.

    Shareholders said the appointment has restored confidence in the ability of Nigerians to lead multinationals, urging Adeboye to justify her elevation by sustaining the momentum built by the immediate past managing director by taking the company to greater heights.

    Shareholders also applauded the appointment of Mr. Ogaga Ologe, the company’s erstwhile Financial Controller, who was appointed as the new Finance Director.

    Mondelz International, a global snacking powerhouse, holds 74.99 per cent majority equity stake in Cadbury Nigeria, while the remaining 25.01 per cent are held by a diverse group of Nigerian individual and institutional investors.

  • Cadbury grosses N9.3b in Q1

    Cadbury Nigeria Plc recorded well-rounded performance between January and last month, growing net profit by 2,195 per cent during the quarter.

    Key extracts of the interim report and accounts of Cadbury Nigeria for the period ended March 31, 2019 showed that gross revenue rose by 12.7 per cent from N8.24 billion in first quarter 2018 to N9.28 billion in first quarter 2019. Gross profit increased by 32 per cent from N1.8 billion to N2.38 billion. Profit before tax leapt by 2,232 per cent from N31 million in first quarter 2018 to N723 million in first quarter 2019. After taxes, net profit rose from N22 million in first quarter 2018 to N505 million in first quarter of this year.

    Cadbury Nigeria’s first quarter result reflects a sustained positive trend in the company’s performance. In the audited report for 2018, the company’s full-year profit before tax surged by 242.9 per cent to N1.2 billion in 2018 as against N350 million in 2017. Net profit rose by 174 per cent from N299.9 million in 2017 to N823 million in 2018.

    Cadbury Nigeria recently announced the appointment of Mrs. Oyeyimika Adeboye as Managing Director with effect from April 1, 2019. Mrs Adeboye, the first woman to be appointed Managing Director since the establishment of Cadbury Nigeria over five decades ago, is expected to build on the legacies of Mr. Amir Shamsi, who has been credited with the turnaround of the Nigerian subsidiary. With the Nigerian business in recovery mode, Shamsi was recently reassigned to a new role within Mondelçz International, the parent company of Cadbury Nigeria. Mondelçz International holds 74.99 per cent majority equity stake in Cadbury Nigeria.

    During his tenure, Shamsi made invaluable contribution to the turnaround of the business, and drove Cadbury’s growth agenda, including top-line, bottom-line

  • Cadbury Nigeria bounces back to profit in Q3

    Cadbury Nigeria made considerable recovery in the third quarter as the company drew on increasing sales and operating efficiency to return to profit within the period.

    Key extracts of the nine-month report for the period ended September 30, 2018 showed that Cadbury Nigeria’s top-line grew by 10.63 per cent while operating profit leapt by 1,687 per cent. Compared with pre and post tax loss of N64 million in third quarter 2017, the company recorded profit before tax of N253 million while profit after tax stood at N172 million in third quarter 2018.

    Total turnover had risen from N24.37 billion in third quarter 2017 to N26.96 billion in third quarter 2018. Gross profit  dipped marginally from N5.43 billion to N5.31 billion. Operating profit however rose from N38 million in third quarter 2017 to N679 million in third quarter 2018.

    Cadbury Nigeria had paid N305 million as cash dividend to shareholders for the 2017 business year, representing a dividend per share of 16 kobo. Mondelçz International, a global snacks powerhouse that holds 74.97 per cent equity stake in Cadbury Nigeria.

    Chairman, Cadbury Nigeria Plc, Mr. Atedo Peterside, had recently said the company would this year focus on increasing its market share and enhancing the efficiency of its distribution system to sustain growth and deliver better returns to shareholders.

    Addressing shareholders recently in Lagos, he outlined that the company would focus on four strategic areas to drive its growth ambitions in 2018.

    According to him, the company will focus on driving growth ahead of competition to increase its market share within its product categories while also sustaining its aggressive route-to-market initiatives.

    He added that the company will sustain its focus on quality, improvements in productivity and operational efficiencies to maximize its competitive advantage.

    He commended the staff of the company for upholding the tenets of good business practices in all their operations, noting that as part of the four areas of focus in 2018, the company will continue to implement initiatives that develop an organization of high potential talent.

  • Cadbury eyes bigger market share to drive profitability

    Cadbury Nigeria Plc  will this year focus on increasing its market share and enhancing the efficiency of its distribution system to sustain growth and deliver better returns to shareholders.

    Addressing shareholders at the Annual General Meeting (AGM) at the weekend in Lagos, its Chairman, Mr. Atedo Peterside, outlined that the company would focus on four strategic areas to drive its growth ambitions in 2018, after it turned around from loss to profit last year.

    According to him, the company will focus on driving growth ahead of competition to increase its market share within its product categories while also sustaining its aggressive route-to-market initiatives.

    He added that the company will sustain its focus on quality, improvements in productivity and operational efficiencies to maximise its competitive advantage.

    He commended the staff members for upholding the tenets of good business practices in their operations, noting that as part of the four areas of focus in the year, the company will continue to implement initiatives that develop an organisation of high potential talent.

    Peterside pointed out that the recovery last year was built on four key pillars of price competitiveness, aggressive route-to-market initiatives, sustained consumer-driven activations, and exponential growth in the company’s treat portfolio.

    “We recorded impressive growth in all these four areas. We implemented parity pricing on Bournvita for the first time in 10 years and unilateral pricing on our candy brands. In our route-to-market drive, we achieved highest ever active coverage of 93,000 outlets nationwide. The consumer-driven activations for our brands delivered double-digit growth and positively impacted on our top-line. In addition, our treat portfolio contributed substantially to our profitability with Cadbury Hot Chocolate 3-in-1 brand delivering significant net revenue growth versus the prior year,” Peterside said.

    Shareholders approved the payment of N301.51 million shares as cash dividend for the 2017 business year. This implies a dividend per share of 16 kobo.

    Cadbury recorded a pre-tax profit of N350 million in 2017 as against a loss of N562 million in 2016. Key extracts of the audited report and accounts of Cadbury for the year ended December 31, 2017 showed that sales rose from N29.98 billion in 2016 to N33.08 billion in 2017. Gross profit increased from N6.86 billion to N7.44 billion. Selling and distribution expenses reduced from N5.6 billion in 2016 to N5.23 billion in 2017 while administrative expenses improved considerably from N2.07 billion in 2016 to N1.59 billion last year.

    With these, the company posted a positive operating profit of N711.37 million in 2017 compared with operating loss of N732.85 million in 2016.The company, however, came under finance pressure as interest expense jumped from N17.8 million in 2016 to N545 million in 2017. After taxes, net profit stood at N299 million in 2017 as against net loss after tax of N296 million in 2016.