Cadbury Nigeria Plc has announced a turnover of N59.2 billion for the nine-month period ended September 30, 2023.
The company revenue grew by 39 per cent over N42.54 billion recorded in the same period in 2022.
This followed the approval of the unaudited financial statements by the Company’s Board of Directors.
The company’s gross profit rose by 95 per cent from N8.4 billion in 2022 to N16.31 billion in 2023, while operating profit for the period under review, increased by 191 per cent from N3.3 billion to N9.65 billion.
In a statement issued by the company, the managing director of Cadbury Nigeria, Oyeyimika Adeboye attributed that, “Cadbury Nigeria’s net revenue growth of 39 per cent versus the same period in the previous year, to the effective execution of sales and marketing activities and implementation of pricing actions required to cover the rising cost of goods sold.”
The statement noted that the continued devaluation of the naira, FX scarcity, and rising inflation remain major issue resulting in margin erosion driven by the higher cost of manufacturing.
“Further, consumer purchasing power remains significantly impacted as the business noted slower consumer footfall impacting all its categories. All these, the statement added, significantly impacted the Company’s operating profit of N9.65 billion recorded in the period under review,” he stated.
According to Adeboye, despite these challenges that have severely hampered manufacturers, we remain committed to Nigeria and will keep exploring strategies to keep afloat in a turbulent operating environment.
Cadbury Nigeria Plc, a publicly quoted company, is the pioneer cocoa beverage manufacturer offering some of the most loved brands in the country. Cadbury Nigeria is a 74.99 per cent-owned subsidiary of Mondelēz International, a global snacking powerhouse with an unrivalled portfolio of brands.
The remaining 25.01 per cent of shares are held by a diverse group of indigenous, individual and institutional investors.