July 30, (THEWILL) – Following the approval of the unaudited financial statements of Cadbury Nigeria Plc by the Board of Directors, the Company has announced a turnover of N35.608 billion for the six-month period ended 30 June 2023.
This represents an increase of 27.7 percent over N27.877billion recorded in the same period in 2022.
The Company’s gross profit rose by 74.7 percent from N5.854 billion in 2022, to N10.230 billion in 2023, while its operating profit for the period under review, increased by 113.2 percent from N2.848 billion to N6.072 billion.
In a statement issued by the Company, Oyeyimika Adeboye, its Managing Director, attributed Cadbury Nigeria’s 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.
However, the statement noted that businesses operating in Nigeria continued to face tough challenges, with rising inflation and devaluation, leading to higher manufacturing and operational costs.
Despite recording an operating profit of N6.072 billion, 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 said.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
