By Nkiruka Nnorom
Cadbury Nigeria Plc has reported 538 per cent growth in Profit After Tax (PAT) for the first quarter (Q1) ended March 31, 2022 to N1.542 billion from N242 million realised in the same period in 2021.
The company’s unaudited financial result released at the Nigerian Exchange Limited (NGX) showed that its turnover rose by 43 per cent to N12.79 billion within the period under review compared to N8.92 billion in the corresponding period in Q1, 2021.
Its basic earnings per share grew to N82.08 kobo, representing 538 per cent increase compared to N12.86 kobo in Q1’21.
In an accompanying note to the result, Mrs. Oyeyimika Adeboye, Managing Director, Cadbury Nigeria, said the company’s current repositioning strategy is beginning to yield the desired results.
“The business environment in which we operate continues to be challenging. With high inflation and spiraling naira devaluation resulting in a significantly higher cost of doing business in Nigeria, we have had to increase the price of our products to bridge the huge cost from high commodity and foreign exchange (FX) impact on most of our input costs.
“We recognize the importance of nourishing and delighting our consumers with the right snacks and we will continue to make our iconic brands available to our consumers while also delivering acceptable returns to our shareholders,” she said.