Cadbury Hits N59.2 Billion Revenue in Q3 2023

Cadbury Nigeria Plc has announced a revenue growth of N59.2 billion for the first nine months of 2023, which ended on September 30, 2023.

The firm's revenue increased by 39% over N42.54 billion, recorded for the same period in 2022.

Cadbury's gross profit increased by 95% from N8.4 billion in 2022 to N16.31 billion in 2023, while operating profit under the review rose by 191% from N3.3 billion to N9.65 billion.

A statement was released by the MD of Cadbury Nigeria, Oyeyimika Adeboye, who said that: “Cadbury Nigeria’s net revenue growth of 39 percent versus the same period in the previous year is due to the effective execution of sales and marketing activities and implementation of pricing actions required to cover the rising cost of goods sold.”

The statement by the MD said that the continued devaluation of the naira, rising inflation, and FX scarcity pose a significant problem for the firm, resulting in margin erosion driven by higher manufacturing costs.

He added,

• Further, consumer purchasing power remains significantly impacted, as the business noted slower consumer footfall impacting all its categories. All these, the statement added, significantly impacted the Company’s operating profit of N9.65 billion recorded in the period under review.

Adeboye said that despite all the challenges, Cadbury remains committed to Nigeria and will keep exploring strategies to stay afloat in a turbulent operating environment.

About Cadbury

Cadbury Nigeria Plc is the leading cocoa beverage manufacturer, offering some of the most loved brands in the country. The company is a 74.99 percent-owned subsidiary of Mondelēz International, a global snacking powerhouse with an unrivaled portfolio of brands. At the same time, different groups of investors hold the remaining 25.01% of shares.

Check here to see Cadbury Nigeria Plc's Un-audited Interim Financial Information for the Nine Months Ended 30 September 2023.