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Cadbury Nigeria Profits Slump 84% on Lower Sales

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Cadbury Nigeria, a manufacturer of chocolate beverages and confectionaries reported that profits fell 84 percent in 2020 as a result of lower sales compared to the earlier period.

Profit for the period was equivalent to N172.6 million, compared to N1.07 billion in 2019, as sales fell by 10 percent to N35.4 billion for the period, compared to N39.32 billion in 2019.

Nigerian consumer goods firms have been hit hard by the twin effects of the coronavirus pandemic which crimped sales and a slow growing economy.

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