For the nine months that ended on September 30, 2023, Cadbury Nigeria Plc reported a turnover of N59.2 billion.
Compared to N42.54 billion during the same period in 2022, the company's revenue increased by 39%.
This came after the Board of Directors of the Company approved the unaudited financial statements.
The company's operating profit for the reviewed period increased by 191 percent, from N3.3 billion to N9.65 billion, while its gross profit increased by 95 percent, from N8.4 billion in 2022 to N16.31 billion in 2023.
"Cadbury Nigeria's net revenue growth of 39 percent versus same period in previous year, to effective execution of sales and marketing activities and implementation of pricing actions required to cover rising cost of goods sold," stated Oyeyimika Adeboye, managing director of the company, in a statement released by the company.
According to the statement, the ongoing depreciation of the naira, the scarcity of foreign exchange, and the rising rate of inflation continue to be significant problems that lead to margin erosion due to increased manufacturing costs.Additionally, the business observed that slower consumer foot traffic was affecting all of its categories, which means that consumer purchasing power is still greatly impacted. All of these, the statement continued, had a major effect on the N9.65 billion operating profit the company reported for the period under review," he said.
Adeboye claims that in spite of these difficulties that have seriously hindered manufacturers, we are still dedicated to Nigeria and will continue to look into ways to survive in a volatile business climate.
Cadbury Nigeria Plc The pioneer manufacturers of cocoa beverages in Nigeria, is a publicly traded company that produces some of the most popular products there. Owned by Mondelēz International, a popular snacking company with an unmatched portfolio of brands, Cadbury Nigeria is a 74.99 percent subsidiary.
A wide range of indigenous, individual, and institutional investors own the remaining 25.01 percent of the shares.
