Nigeria: Cadbury achieves a 4,228% surge in operating profit

By InstinctBusiness Feb 9, 2024 0

Cadbury Nigeria Plc reports an operating profit of N8.397 billion for the fiscal year ending December 31, 2023.

According to the company’s audited financial statement filed with the Nigerian Exchange Limited, this marks a remarkable 4,228% surge from the N194 million recorded during the same period in 2022.

Despite this, the company was rated as the number one Top Employer in Nigeria by the Amsterdam-based Top Employers Institute.

The company’s gross profit surged by 130% to N17.790 billion in 2023 from N7.723 billion in 2022, while revenue saw a 46% increase to N80.379 billion within the same period, up from N55.213 billion in 2022.

Commenting, 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.

Noting 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.