Cadbury Nigeria Plc (CADBURY: LAG) has released its unaudited financial statement for the period ending 31st of March, 2023. The company recorded gross revenue of N16.6 billion, a 30% growth year-on-year from Q1 2022.
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With the cost of sales at N10.2 billion, the company also recorded a gross profit of N6.36 billion, a 97% year-on-year growth from Q1 2022. And the company’s profit for the period hit N3.45 billion, a 124% increase year-on-year from Q1 2022.
Cadbury’s strong quarterly performance can be attributed to the rise in revenue, which can be correlated with the inflationary pressure impacting the prices of food and consumer goods in Nigeria. The remarkable performance of the firm in Q1 2023 relative to Q1 2022 can also be attributed, in part, to the revenue generated by the Bournvita biscuit launched in November 2022.
The company recorded N11.6 billion in revenue from refreshment beverages such as Bournvita and 3-in-1 Hot Chocolate. They also recorded N3.9 billion from confectionary (Tom Tom, Buttermint, Candy Caramel, Candy Coffee, and Clorets gum) N604 million from biscuits (Bournvita Biscuit), and N393 million from intermediate cocoa products (cocoa powder, cocoa butter, cocoa liquor, and cocoa cake).
Cadbury’s remarkable performance is consistent with its FY 2022 results, which indicated a gross revenue of N55 billion, compared to N42.37 billion in 2021. Similar to 2022, where 96% of their revenue was generated from local sales, in Q1 2023, 97% of the company’s earnings originated from Nigeria.
About Cadbury Nigeria Plc
Cadbury Nigeria Plc is a branch of Mondelēz International, a company headquartered in the United States of America. 74.97% of the company’s issued shares are owned by Cadbury Schweppes Overseas Limited, which is a subsidiary of Mondelez International, and 25.03% by individuals and institutional investors.
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The company holds exclusive privileges to produce, distribute, and promote Mondelēz’s global brands in Nigeria, in addition to offering associated services. As compensation, royalties, technical expertise, and management services are remunerated to Mondelēz International AMEA PTE Ltd.
