Cadbury Nigeria Plc has announced that it grew its sales by 51 per cent to N89.5 billion in third quarter 2024.
The nine-month report for the period ended September 30, 2024 showed that turnover rose from N59.2 billion in third quarter 2023 to N89.5 billion in third quarter 2024. However, gross profit dropped by nine per cent from N16.3 billion in third quarter of 2023 to N14.7 billion in 2024. The company closed third quarter 2024 with a loss of N11.8 billion as against N10.2 billion recorded in comparable period of 2023.
Cadbury Nigeria attributed the loss to naira devaluation caused by the persistent foreign exchange (forex) crisis and high cost of operation, which have continued to impact negatively on profitability, despite growth in turnover.
The company reaffirmed its commitment to its Nigerian business, despite the current challenging operating environment.
Cadbury Nigeria explained that it had taken steps to mitigate some of the challenges, noting that it had earlier this year secured shareholders’ approval for conversion of an outstanding intercompany loan of $7.718 million or N7.036 billion owed to its majority shareholders, Cadbury Schweppes Overseas Limited, to equity.
Managing Director, Cadbury Nigeria Plc, Oyeyimika Adeboye, said the company would remain innovative in growing its business and delivering values to all stakeholders.
“We are not insulated against the harsh business environment in Nigeria that has impacted negatively on the profitability of many companies across virtually all sectors of the economy.
“Despite this, we would like to reassure our stakeholders, particularly our shareholders and customers, that we will continue to remain innovative and resilient to help us better manage these challenges. We are here for the long haul,” Adeboye said.
Credit: thenationonlineng.net
