Cadbury Nigeria Plc has announced the resignation of Mr. Sunil Parthasarathy as a director of the company, bringing to an end more than seven years of service on the board.
The development was disclosed in a filing with the Nigerian Exchange Limited (NGX) on Tuesday, signed by the Company Secretary, Afolasade Olowe.
According to the notice, Parthasarathy’s resignation took effect on Tuesday, December 16, 2025.
Board accepts resignation, commends contribution
In the statement, the board confirmed that it had formally accepted his resignation and expressed appreciation for his contributions to the company.
“This is to notify the Nigerian Exchange Limited and the investing public that the Board of Cadbury Nigeria Plc (the Company) has considered and accepted the resignation of Mr. Sunil Parthasarathy as Director of the Company, with effect from today, Tuesday, 16th December 2025.
“The Board expresses its deep appreciation to Mr. Parthasarathy for his valued contribution since his appointment in March 2018.”
The company added that Parthasarathy’s replacement would be announced in due course.
Current board composition remains intact
Despite the development, Cadbury Nigeria’s board structure remains balanced, comprising executive, non-executive and independent directors.
The board is chaired by Mr. Adedotun Sulaiman, MFR, while Mrs. Oyeyimika Adeboye serves as the Managing Director.
Other non-executive directors include Mrs. Ibukun Awosika and Mr. Abhiroop Chuckarbutty.
Independent non-executive directors on the board are Mrs. Kofo Akinkugbe, OON, and Ms. Olubunmi Lawson.
Company posts strong financial turnaround in Q2 2025
The board changes come as Cadbury Nigeria recorded a strong financial rebound in the second quarter of 2025.
The company posted a pre-tax profit of N5.9 billion in Q2 2025, reversing a N3.4 billion loss recorded in the corresponding period of 2024.
This performance lifted half-year profit to N14.5 billion, compared to a loss of N13.8 billion in the first half of 2024, driven by robust sales growth and a sharp decline in net finance costs.
Revenue growth driven by domestic sales
Revenue for the second quarter rose 44.25 per cent to N40 billion, from N27.7 billion in Q2 2024, pushing half-year revenue to N77.2 billion, a 50.17 per cent year-on-year increase.
Domestic sales accounted for 95.8 per cent of total revenue at N74 billion, while export sales contributed N3.2 billion during the period.
Although the cost of sales increased 30.96 per cent to N30.3 billion in Q2, Cadbury Nigeria recorded a strong gross profit of N9.7 billion, more than double the N4.5 billion posted in the same quarter last year.
What you should know
Operating profit surged to N6.5 billion, up from N1.9 billion in Q2 2024, despite a 38.53 per cent rise in selling and distribution expenses to N2.6 billion.
The company’s bottom-line performance was further supported by a sharp drop in net finance costs, with interest on borrowings falling to N593.7 million, compared to N5.3 billion in the corresponding period of 2024.
On the balance sheet, total assets grew 20.90 per cent to N87.5 billion, while retained losses narrowed to N27.1 billion, from N37.2 billion as at December 2024.