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Cadbury Nigeria reported a 2016 full-year loss owing to rising costs of raw materials and energy utilities, according to a statement released at the Nigerian Stock Exchange on Tuesday. The company said after-tax loss stood at N296.4 million in 2016, compared to an after-tax profit of N1.15 billion in the previous year.

The after-tax loss was driven mainly by higher costs of raw materials and packaging items, which rose 48 percent to N12.12 billion; and energy and utilities, which rose 123 percent to N2.11 billion.

Notwithstanding the loss, Cadbury Nigeria said its revenue rose 7.7 percent to N29.98 billion from N27.83 billion a year earlier. The growth in revenue resulted from higher sales of intermediate cocoa products and confectionary products. Sales of refreshment beverages, however, fell marginally by 0.6 percent to N16.55 billion.

In January this year, Cadbury Nigeria announced the appointment of Muhammad Amir Shamsi as its new Managing Director with effect from February 1st, 2017. Shamsi, a Pakistani national, succeeded Roy Naaman, who had served as Managing Director since January 1st, 2015.

For the year under review, Cadbury Nigeria said it recorded a loss per share of 16 kobo compared to a per share earnings of 61 kobo in 2015. No dividend was declared for the 2016 financial year.

As of 2.19pm on Wednesday, the company’s stock fell 5 percent to close at N7.41 per share.