Cadbury Nigeria Records N35.608bn Revenue in 6 months
Following the approval of the unaudited financial statements of Cadbury Nigeria Plc by the Board of Directors, the Company has announced a turnover of N35.608 billion for the six-month period ended 30 June 2023, representing an increase of 27.7 percent over N27.877 billion recorded in the same period in 2022.
The Company’s gross profit rose by 74.7 percent from N5.854billion in 2022, to N10.230billion in 2023, while its operating profit for the period under review, increased by 113.2 percent from N2.848billion to N6.072billion.
In a statement issued by the Company, Oyeyimika Adeboye, its Managing Director, attributed to Cadbury Nigeria’s net revenue growth of 27.7 percent versus same period in the previous year, to strong sales execution, focused brand building, and tactical trade and consumer activities across the country.
However, the statement noted that businesses operating in Nigeria continued to face tough challenges, with rising inflation and devaluation, leading to higher manufacturing and operational cost. Despite recording an operating profit of N6.072billion, this performance was significantly impacted by the recent devaluation of the Naira.
“We shall continue to remain resilient and innovative to navigate the challenging 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.
