NIGERIA – Cadbury Nigeria Plc, a subsidiary of multinational snacking business, Mondelez International, has achieved a 110.22 percent rise in net profits to N946million for the year ended December 31, 2022, from N450 million reported in the corresponding period of 2021.
The company’s audited results released on the Nigerian Exchange (NGX) Limited showed that revenue grew by 30.3 percent from N42.37 billion recorded in the same period in 2021 to N55.21 billion in 2022.
Cost of sales was up by 32.2 percent to N47.448 billion against N35.894 billion in 2021, while gross profit grew from N6.48 billion in 2021, to N7.76 billion in 2022, representing an increase of 19.87 percent.
The company’s brands fall into four principal categories: refreshment beverages, confectionery, biscuits, and intermediate-cocoa products.
In a statement issued by the Company, Mrs. Oyeyimika Adeboye, its Managing Director, said Cadbury Nigeria has continued to push the boundaries to sustain its current growth trajectory in a tough business environment.
“Our recently launched candies (Cadbury Caramel, Cadbury Coffee), and Cadbury Bournvita Biscuit, all contributed to our growth profile in 2022.
“We will keep fine-tuning our strategies to manage these challenges, in line with our mission, which is focused on nourishing and delighting our consumers with the right snacks, while remaining committed to our stakeholders and doing what is right for our environment,” Adeboye stated.
According to an article by Nigeria’s Business Daily, Cadbury is among Nigeria’s fast-moving consumer goods (FMCG) companies the media house analyzed and found out that they reported the highest positive net cash flow from financing activities.
Nigerian Breweries, Nestle, and Cadbury had N77.12 billion, N12.46 billion, and N5.2 billion respectively. The firm notes that the country’s FMCG companies faced a challenging macroeconomic environment which is characterized by rising inflation, high energy prices, interest rates, and weakened consumer purchasing power.
Some FMCG firms had to cut down their expenses to remain in business, while others tweaked the size of their products to maneuver through those challenges.
Amongst all the approaches employed by these firms to stay afloat, some firms braced against all odds to record positive cash flows in their activities during the third quarter that ended September 30, 2022.
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