Business

February 7, 2024

Cadbury Nigeria records 4,228% increase in operating profit

Cadbury Nigeria records 4,228% increase in operating profit

Wins Top Employer in Nigeria Award

By Nkiruka Nnorom

Cadbury Nigeria Plc has announced an operating profit of N8.397 billion for the full year ended December 31, 2023.

This, according to the company’s audited financial statement filed with the Nigerian Exchange Limited, represents a 4,228 percent increase over the N194 million recorded in the same period in 2022.

This is even as the company was rated number one Top Employer in Nigeria by the Amsterdam Based Top Employers Institute.

The company’s gross profit also rose by 130 percent to N17.790 billion in 2023 from N7.723 billion in 2022, while revenue increased by 46 percent to N80.379 billion within the period under review 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.