Cadbury Nigeria Plc grew its sales by 43 per cent to N23.7 billion in the first quarter as the beverage and snack company reaffirmed its commitment to long-term investment in the Nigerian economy.
Key extracts of the interim report and accounts of Cadbury Nigeria for the first quarter ended March 31, 2024 showed that turnover rose to N23.695 billion in first quarter 2024 as against N16.563 billion recorded in first quarter 2023. Operating profit however dropped by 39 per cent to N2.76 billion in first quarter of 2024 compared with N4.553 billion in first quarter 2023.
Managing Director, Cadbury Nigeria Plc, Oyeyimika Adeboye, said challenging business environment that all operators in the fast moving consumer group sector faced was exacerbated by foreign exchange (forex) losses and rising inflation.
She noted that consumer purchasing power has been significantly impacted by the high cost of living and this continues to impact demand and capacity utilisation as businesses juggle to remain in existence. Despite these challenges, Adeboye said the company remains committed to doing business in Nigeria.
“We will continue to evolve strategies for weathering the storm,” she said. “We are here for the long haul and will do all we can to meet the needs of our stakeholders,” Adeboye said.
Mondelēz International, which operates in more than 150 countries, holds majority equity stake of 74.99 per cent in Cadbury Nigeria.
Credit: thenationonlineng.net
