Cadbury Nigeria Plc has announced a turnover of N59.2 billion for the nine-month period ended 30 September 2023, representing an increase of 39 percent over N42.54 billion recorded in the same period in 2022.
This followed the approval of the unaudited financial statements by the Company’s Board of Directors.
The Company’s gross profit rose by 95 percent from N8.4 billion in 2022, to N16.31 billion in 2023, while its operating profit for the period under review, increased by 191 percent from N3.3 billion to N9.65 billion.
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 remained 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 N9.65 billion 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.
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