Cadbury’s profit surged by 4,228% in 2023

CADBURY Nigeria Plc has announced an operating profit of N8.397 billion for the full year ended December 31, 2023, representing an increase of 4,228 percent over the N194 million it recorded in the same period in 2022.

According to the company’s unaudited financial statements by the Board of Directors of the company, submitted to the Nigerian Exchange Limited (NGX), 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.

She noted that the 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.

Adeboye added that 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. 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,” Adeboye said.