Cadbury Nigeria Grows Operating Profit By 4228% To N8.397bn In FY 2023

Following the approval of the unaudited financial statements of Cadbury Nigeria Plc by the Board of Directors, the Company has announced an operating profit

of N8.397 billion for the full year (FY) ended 31 December 2023.

This represents an increase of 4228 percent over the N194 million it recorded in the same period in 2022. 

The Company’s gross profit also rose by 130 percent from N7.723 billion in 2022 to N17.790 billion in 2023, while revenue increased by 46 percent from N55.213 billion to N80.379 billion within the period under review. 

In a statement, Oyeyimika Adeboye, Managing Director, Cadbury Nigeria, said the Company sustained its current growth trajectory, despite the difficult operating environment in the country, due to its resilience as well as focus on revenue and cost management.

Adeboye noted that the massive devaluation of the Naira impacted negatively on businesses particularly operators in the fast-moving consumer goods (FMCGs) sector that rely on imported inputs, in the period under review, she said the increase in the Company’s operating profit was an indication that the growth strategies that it has put in place are yielding fruit. 

“We operate in a challenging environment that requires a degree of creativity and tenacity to remain in business,” Adeboye added. “Despite the strong economic headwinds we faced during the year under review, Cadbury Nigeria remains committed to delivering value for its various stakeholders and we shall continue to put our consumers at the heart of what we do.”

Meanwhile, Cadbury Nigeria was rated number one Top Employer in Nigeria by the Amsterdam-based Top Employers Institute, recently. Cadbury Nigeria was rated number two last year in Nigeria and recognised with the prestigious Top Employer certification as a Regional Top Employer in Africa, for the third consecutive year.

Commenting on this award, Adeboye said: “As we celebrate this milestone, we remain focused on the future, our commitment to excellence, and innovation.

The well-being of our people will continue to drive us forward. We are excited about the opportunities that lie ahead and the positive impact we make together.” 

She added that the Company is focused on nourishing and delighting consumers with the right snacks and remains committed to its stakeholders. 

Wole Odubayo, Human Resources Director, Cadbury Nigeria, who dedicated the award to the employees of the Company, added: “You are the force behind our success, and we are immensely proud to have you as part of the Cadbury Nigeria family.” 

Top Employers Institute is the global authority on recognising excellence in People Practices. 

Through the Institute’s Certification Programme, participating companies can be validated, certified, and recognised as an employer of choice. 

The Top Employers Institute programme certifies organisations based on the participation and results of their HR Best Practices Survey. This survey covers six HR domains consisting of 20 topics including People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity and Inclusion, Wellbeing and more. Being certified as a Top Employer showcases an organisation’s commitment to creating a better work environment for its employees.

According to the statement, which was issued by Frederick Mordi, Cadbury Nigeria’s Corporate Communications and Government Affairs Manager for West Africa, the Company also won awards in five categories at the Chartered Institute of Personnel Management (CIPM) Awards, which took place in Abuja, last year. The award categories are: Strategic HR Initiatives; Talent 

Acquisition; Employee Service and Administration; Diversity and inclusion; and HR Policy Development and Implementation. Cadbury Nigeria also received three awards at the HR People Magazine Awards, in 2023.