By Charles Okonji
Irrespective of the harsh environment experienced by the manufacturing sector of the Nigerian economy, Cadbury Nigeria Plc has announced a turnover of N35.608billion for the six-month period ended 30 June 2023, representing an increase of 27.7 percent over N27.877billion recorded in the same period in 2022.
This was contained in a statement made available to TBI Africa Magazine on Friday in Lagos which states that the approval of the unaudited financial statements of Cadbury Nigeria Plc was done by the Board of Directors.
According to the statement, the Company has announced a turnover ofN35.608billion for the six-month period ended 30 June 2023, representing an increase of 27.7 per cent over N27.877billion recorded in the same period in 2022.
“The Company’s gross profit rose by 74.7 percent from N5.854billion in 2022, to N10.230billion in 2023, while its operating profit for the period under review, increased by 113.2 percent from N2.848billion to N6.072billion.”
Oyeyimika Adeboye, Managing Director, Cadbury Nigeria, attributed net revenue growth of 27.7 percent versus same period in the previous year, to strong sales execution, focused brand building, and tactical trade and consumer activities across the country.
“Business operating in Nigeria continued to face tough challenges, with rising inflation and devaluation, leading to higher manufacturing and operational cost. Despite recording an operating profit of N6.072billion, this performance was significantly impacted by the recent devaluation of the Naira.
“We shall continue to remain resilient and innovative to navigate the challenging operating environment.” Adeboye stressed.
