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Cadbury Nigeria has reported a 124% surge in profit to N3.45 billion, in the First Quarter (Q1) that ended 31st March 2023.
The rise in profit was aided by revenues which increased by 30% to N16.56 billion for the period.
Cadbury Nigeria Plc is principally engaged in the manufacture and sale of branded fast moving consumer goods mostly to the Nigerian market, but also for exports.
The Company’s brands fall into four principal categories, namely refreshment beverages, confectionery, biscuit and intermediate cocoa products.
Cadbury Bournvita and 3-in-1 Hot Chocolate are the refreshment beverages, TomTom, Candy Caramel, Candy Coffee, Buttermint and Clorets gum are the confectionery products, Bournvita Biscuit is the biscuit category while Cocoa Butter is a key product in the intermediate cocoa category.
Revenues for the refreshment beverages segment increased the most in the period as it rose 28% to N11.643 billion, Confectionery came in at N3.922 billion, Biscuit segment N604 million, and Intermediate cocoa products at N393 million.
Revenue from one customer does not represent up to 10% of the Company’s total revenue, according to Cadbury. The Company has two reportable geographical segments, Domestic sales which came in at N16.074 billion, and Export sales at N488.5 million.
Cadbury Nigeria Plc is owned 74.97% (2022: 74.97%) by Cadbury Schweppes Overseas Limited (“CSOL”), incorporated in the United Kingdom while CSOL is owned by Mondelez International and 25.03% (2022: 25.03%) by a highly diversified spread of individual and institutional shareholders.