Sure guy, the numbers look like chocolate melting in the sun – Cadbury Nigeria posted a nine‑month profit of N10.1 billion, already topping its whole‑year 2025 result, with gross margin nudging back to about 29% and borrowings trimmed by a third. That sparkle makes minority shareholders drool for dividends, but the real flavour lies in the inter‑company sauce. Almost a third of cost of sales is spent on 3‑in‑1 hot chocolate bought from sister Cadbury Ghana, and cocoa butter exports to Mondelez Egypt and South Africa total N8.6 billion – roughly 94% of the intermediate cocoa segment. Meanwhile, related‑party receivables ballooned to N7.2 billion, while payables fell after hefty repayments to the parent. Operating cash flow sits at N5.7 billion, yet inventories are up 35% and the current ratio stays under one. The headline of “exports doubled” is just the group buying more cocoa butter from Lagos, not a genuine market win. So the uncomfortable truth: the domestic business barely moved – sales rose a modest 1.8%, Bournvita and 3‑in‑1 fell, and the big profit boost is largely a financial reshuffle with the parent. Minorities own 20.6% but still wait for real cash returns. The question is whether the next naira will feed the parent loan or finally sweeten shareholders’ pockets.
Source: https://nairametrics.com/2026/10/30/cadbury-nigeria-mondelez-gets-paid-minorities-please-wait/