Cadbury Nigeria Plc recently reported a turnover of N59.2 billion for the nine-month period ending on September 30, 2023, reflecting a notable 39 percent increase from the N42.54 billion recorded during the corresponding period in 2022.
The approval of the unaudited financial statements by the Company’s Board of Directors facilitated the revelation of the impressive numbers. The Company’s gross profit surged by 95 percent, climbing from N8.4 billion in 2022 to N16.31 billion in 2023. Additionally, the operating profit for the same period saw a remarkable 191 percent increase, escalating from N3.3 billion to N9.65 billion.
In a statement issued by the Company, Oyeyimika Adeboye, the Managing Director, attributed Cadbury Nigeria’s considerable net revenue growth of 39 percent, in comparison to the previous year, to the effective execution of sales and marketing strategies and the implementation of pricing adjustments to offset the mounting cost of goods sold.
The statement emphasized the persistent devaluation of the Naira, scarcity of foreign exchange, and mounting inflation as significant challenges leading to margin erosion due to increased manufacturing costs. Moreover, the statement acknowledged that the purchasing power of consumers had been notably affected, resulting in reduced footfall across all product categories, ultimately impacting the Company’s operating profit of N9.65 billion during the period under review.
Adeboye affirmed the company’s dedication to Nigeria despite the challenges faced, stating their commitment to exploring strategies to navigate the turbulent operating environment.
Cadbury Nigeria Plc is a pioneering cocoa beverage manufacturer renowned for its beloved brands in the country. As a 74.99%-owned subsidiary of Mondelēz International, it operates as part of a global snacking powerhouse with a portfolio of renowned brands. Its product lineup includes popular items such as Bournvita, Hot Chocolate 3 in 1, TomTom, Buttermint, and Clorets, making it a front-runner in beverages, confectionery, and gum in Nigeria.