The Board of Directors, Cadbury Nigeria Plc has announced a turnover of N35.608billion for the six-month period ended 30 June 2023, following the approval of the unaudited financial statements.
The turnover represents an increase of 27.7percent 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 it’s operating profit for the period under review, increased by 113.2 percent from N2.848billion to N6.072billion.
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 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 said.