Cadbury records 27.7% revenue growth 

Cadbury Nigeria Plc has declared a turnover rate of N35.61 billion for the six months ended June 30th, 2023, depicting an increase of 27.7 percent over N27.877 billion recorded in the same period in 2022.  

The company’s gross profit rose by 74.7 percent to N10.230 billion from N5.854 billion in 2022, while its operating profit for the period under review, increased by 113.2 percent to N6.072 billion from N2.848 billion in 2022.

This information was contained in a statement by the company’s Managing Director, Oyeyimika Adeboye who attributed the company’s revenue growth to a strong sales execution, focused brand building, and tactical trade and consumer activities across the country.  

However, the company noted in the statement 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 enormously affected by the recent devaluation of the Naira.   

“We shall continue to remain resilient and innovative to navigate the challenging operating environment,” Adeboye said.