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Sunday, August 14, 2022

Cadbury Nigeria Posts N42.37bn Turnover in FY 2021

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Cadbury Nigeria Plc, a subsidiary of Mondelēz International, has reported gross earnings of N42.37billion for the full year ended December 31, 2021.

The turnover translates to 19.67 per cent growth, when compared to N35.41billion realised in the same period in 2020.

This is contained in the Company’s audited financial result released over the weekend.

In a statement, the Company said its pretax profit grew from N408.065million in 2020, to N1.097billion in 2021, representing an increase of 169.05 per cent.

Read Also: Cadbury Nigeria Lists Achievements of CSR Project

The Company added that it continues to maintain a strong balance sheet with total assets of N43.688billion, which represents an increase of 31.55 per cent when compared to N33.210billion recorded in December 2020.

In the statement, Mrs. Oyeyimika Adeboye, Managing Director, Cadbury Nigeria, attributed the Company’s strong performance in 2021 to the effectiveness of its strategy and capacity to generate sustainable revenue.

She said: “Despite the tough operating environment characterised by high cost of doing business, rising inflation, high cost of fund, difficulty in accessing forex, and policy inconsistency, which increased our manufacturing, selling and distribution expenses, we recorded an appreciable
increase in our topline growth, which is our highest so far.”

However, Mrs. Adeboye said the Company’s export business was impacted by volatility in forex rate and the perennial port congestion in Apapa, Lagos State, noting that the Company has been shipping its products to and from Ghana via sea freight, following the introduction of new transit charges on trucks by the Government of the Republic of Benin, in June 2021.

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