Cadbury Nigeria Records N3.4bn Net Profit In Q1

Cadbury Nigeria Plc has reported profit after tax of N3.435 billion for the first quarter (Q1) of the year ended March 31, 2023.

This represents a growth of 124 percent, when compared to N1.542 billion realised in the same period in 2022.

The company announced this in its unaudited financial result released to the investing public on the Nigerian Exchange Limited.

In a statement, the company said, its turnover rose from N12.789 billion to N16.563 billion, which represents an increase of 29.5 percent, within the period under review.

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Gross profit also increased from N3.233 billion recorded in the first three months of 2022 to N6.359 billion in the first quarter of 2023, representing an increase of 96.7 percent, while basic earnings per share grew by 124 percent from 82 kobo to N1.84, within the same period.

Managing director of Cadbury Nigeria,  Mrs. Oyeyimika Adeboye, said the company’s performance in the first quarter of the year, attests to its resilience that has enabled it to navigate through the challenging business environment.

According to her, businesses in Nigeria faced significant economic headwinds in the first three months of the year, which was characterised by tension generated in the build-up to the 2023 general elections, nationwide scarcity of cash caused by naira redesign, persistent naira devaluation, and difficulty in accessing FX, saying, these significantly impacted on the cost of doing business in the country.

“Despite the challenging operating environment, we remain committed to delivering superior value to our stakeholders. As a Company, we also understand the need to nourish and delight our consumers with the right snacks and we will continue to do what is right for our environment,” he stressed.

She said the company was certified as a Top Employer in Africa for the third consecutive year, adding that it also emerged second place in the Top Employer in Nigeria category for 2023.

Cadbury Nigeria Plc (CNP), a publicly quoted company, is the pioneer cocoa beverage manufacturer offering some of the most loved brands in the country.