Cadbury Nigeria Plc has announced a revenue growth of N59.2 billion for the first nine months of 2023, which ended on September 30, 2023.
The firm's revenue increased by 39% over N42.54 billion, recorded for the same period in 2022.
Cadbury's gross profit increased by 95% from N8.4 billion in 2022 to N16.31 billion in 2023, while operating profit under the review rose by 191% from N3.3 billion to N9.65 billion.
A statement was released by the MD of Cadbury Nigeria, Oyeyimika Adeboye, who said that: “Cadbury Nigeria’s net revenue growth of 39 percent versus the same period in the previous year is due to the effective execution of sales and marketing activities and implementation of pricing actions required to cover the rising cost of goods sold.”
The statement by the MD said that the continued devaluation of the naira, rising inflation, and FX scarcity pose a significant problem for the firm, resulting in margin erosion driven by higher manufacturing costs.
He added,
- Further, consumer purchasing power remains significantly impacted, as the business noted slower consumer footfall impacting all its categories. All these, the statement added, significantly impacted the Company’s operating profit of N9.65 billion recorded in the period under review.
Read more: https://www.investingport.com/cadbury-hits-n592-billion-revenue-in-q3-2023/