Photo caption: Cadbury Nigeria headquarters
By Charles Okonji
Irrespective of the current state of the Nigerian businesses operating environment, Cadbury Nigeria Plc, a subsidiary of Mondelez International, has announced revenue generation of N89.5billion for the third quarter of 2024 (Q3, 2024), depicting an increase of 51 percent over the N59.2billion it recorded in the third quarter of 2023.
According to the report, Cadbury Nigeria’s gross profit dropped by 9 percent from N16.3billion recorded in same quarter of 2023, to N14.7billion in the period under review, while it made a loss of N11.8billion in Q3 2024 compared to N10.2billion in Q3 2023, which is a 16 percent increase.
In a statement, the Company pointed out that the naira devaluation caused by the persistent forex crisis and high cost of operation has continued to impact negatively on its profitability, despite growth in turnover.
However, Cadbury Nigeria reaffirms its commitment to doing business in the country, notwithstanding the current challenging operating environment.
“Cadbury Nigeria had taken steps to mitigate some of these challenges, and the shareholders had earlier this year, approved the conversion of an outstanding intercompany loan of $7.718 million (₦7,036 billion) owed to its majority shareholders, Cadbury Schweppes Overseas Limited, to equity, at an Extraordinary General Meeting, in Lagos,” the statement read.
The Managing Director, Cadbury Nigeria, Mrs. Oyeyimika Adeboye, said: “We are not insulated against the harsh business environment in Nigeria that has impacted negatively on the profitability of many companies across virtually all sectors of the economy.
“Despite this, we would like to reassure our stakeholders, particularly our shareholders and customers, that we will continue to remain innovative and resilient to help us better manage these challenges. We are here for the long haul.”
