Cadbury Nigeria Posts 39% Revenue Growth in 9 months
Cadbury Nigeria Plc has announced a turnover of N59.2billion for the nine-month period ended 30 September 2023, representing an increase of 39 percent over N42.54billion recorded in the same period in 2022.
This followed the approval of the unaudited financial statements of by the Company’s Board of Directors.
The Company’s gross profit rose by 95 percent from N8.4 billion in 2022, to N16.31billion in 2023, while its operating profit for the period under review, increased by 191 percent from N3.3billion to N9.65billion.
In a statement issued by the Company, Oyeyimika Adeboye, its Managing Director, attributed Cadbury Nigeria’s net revenue growth of 39 percent versus same period in the previous year, to effective execution of sales and marketing activities and implementation of pricing actions required to cover rising cost of goods sold.
The statement noted that the continued devaluation of the Naira, FX scarcity, and rising inflation remain a 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 N9.65billion recorded in the period under review.
“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,” Adeboye said.
About Mondelēz International Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2021 net revenues of approximately $29 billion, MDLZ is leading the future of snacking with iconic global and local brands such as OREO, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum. Mondelēz International is a proud member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index.
About Cadbury Nigeria Cadbury Nigeria Plc (CNP), 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%-owned subsidiary of Mondelēz International, a global snacking powerhouse with an unrivalled portfolio of brands. The remaining 25.01% of shares are held by a diverse group of indigenous, individual and institutional investors.
A front-runner in beverages, confectionery and gum, Cadbury Nigeria’s quality products-Bournvita, Hot Chocolate 3 in 1, TomTom, Buttermint, and Clorets–are market leaders in their respective consumer segments.